Everyone that's saying its a takeover offer has this completely...

Everyone that's saying its a takeover offer has this completely wrong, there hasn't been enough volume traded over the last few months to acquire the right % of the company to do so, and directors increasing their holdings over December and January adds more confidence.

Grade control drilling has been taking place on site over the last few weeks with the last agreement resting with the toll treatment. My view is that it will be a placement from institutional & sophisticated investors expressing interest from the US and UK.

If you take the time to go over the announcements that McPherson Resources released over 2010 and 2011 about the Coolgardie project there's a wealth of information within them that shows how prospective Coolgardie really is, along with the research PGO has also done.

Some of you maybe unaware of this but I'm pretty sure that PGO still has drilling for equity up to 30,000 metres from Ausdrill left to be used at MT Bundy.

PGO will re-rate this year but it wont happen overnight, my average price is 0.050 cents and I'm perfectly comfortable with holding long-term until they develop MT Bundy, the worst thing an investor could do is sell out into the increased volatility over the short-term with a strong gold price and company fundamentals.