Ann: DRILLING PREPARATIONS UNDERWAY AT COOLGARDIE GOLD PROJECT-PGO.AX, page-22

PGO looks undervalued ........
PGO smells undervalued ......
PGO IS UNDERVALUED!!

For whatever reason, there has seemed to be consistent selling pressure for a while now that has kept the share price in the 8-10c range. My feeling is that it could be a larger holder wanting out or to reduce exposure for whatever reason. In my opinion, patient holders will be rewarded eventually. Once this selling stops we could see a bounce quite quickly to around 10-13c in the short term and then who knows after that!

Nobody can dispute the facts about PGO at present:
* 1.4M ounce gold resource to date (Mt Bundy 1.2M ounces + Coolgardie 200k ounces)
* Market Cap of < $40M
* Enterprise Value of approx. $30/oz gold (compared to an average of $80/oz for other ASX gold developers)
* $4.5M cash on hand at last quarterly
* Potential to significantly increase this resource in current drilling program that is just beginning
* Ausdrill (drilling contractor) taking shares as payment for extensive drilling program
* Aiming to be a gold producer in 2017
* Patterson's analyst report values PGO at $0.39/share in next 12 months

I think there is significant upside to the current PGO share price and I'm happy to hold and patiently wait. I have been accumulating parcels along the way as I perceive current share prices as very good value for buying. All of the above is my opinion only but hopefully I have demonstrated my reasons for seeing significant upside to PGO in the near term