Hi cdch1.I blow hot and cold on this one as I've been holding...

Hi cdch1.

I blow hot and cold on this one as I've been holding some shares which have been deep in the red for some time.

All you say about PEL is correct. In addition, there is some scuttlebut that they are awaiting approval "any day now" of some prospective iron ore ground.

With all of this you would think that I would be upbeat about the company but I have to say, I am less than impressed with management. Take for example their recent drilling in the Phillipines gold project at Mabuhay. It is one long littany of problems due, as far as I can tell, to the fact that they have hired some two bit local drilling operation. If they were serious, they would have shipped in some professional drilling company and got the job done poste haste. Further, they seem to keen in my view to look for new projects instead of concentrating on the good projects they have in hand. Finally John Palermo does not impress me as having the interests of share holders uppermost in his mind.

That said, I still hold my PALs in the hope that something will come good.

Cheers,