Ann: Drilling Results at Nakru1 Demonstrate Major, page-7

re: Ann: Drilling Results at Nakru1 Demonstra... I would be extremely disappointed if they did a raising. it would be very poor capital management, since they have no urgent need of capital that I can see. What is with instos today, they seem only interested in buying shares if its through a raising, perhaps they're better if they're freshly issued, untainted by someone else having held them? Or is it just that brokerage commissions are more like 5% as opposed to the 0.1% or less they get for on-market sales?

Here is what PS had to say in recent interview. There is at least one large chunk ready to go at knock down prices but no XTOS so far today, and zero volume on PomSox. Ah well maybe tomorrow...


Emma Pearson: Now youve recently spoken to the institutional investors in Papua New Guinea about taking a stake in the Company, what reception did you have?

Peter Swiridiuk: Well weve been listed on Port Moresby Stock Exchange for the last year or so, but as yet theres no shareholders. So we feel with all our projects being in Papua New Guinea, it really does make a lot of sense to have exposure to investors in Papua New Guinea to give them an opportunity to invest in their own country. So we went and looked at presenting to investors and our response has been, from both mining companies and individual investors, was quite good. The problem is, a few investors we talked to wanted larger chunks of the Company than we were prepared to give away at this stage.

Emma Pearson: And finally did you get any firm commitments?

Peter Swiridiuk: Well we got those commitments of people wanting larger chunks.