pelican resources. any thoughts?

Noticed this one from the Ferret post this morning While reading some of the reports I realised that this is a remake of the old NGH, Nugold run by John Palermo. What stuck in my memory about NGH was that they had an interesting play in the Phillipines which was always "going to do something" but never quite did. Then Palermo got caught up in the tech boom and hived off his phone company and PEL got all the (unsexy at the time) resource stuff. Now I see that there are some interesting if preliminary gold grades at their Duke project in WA. Only 20 odd mill shares and a market cap of $2 mill. This one must be worth a punt?

I'd be interested to hear what our mining experts have to say....