i believe this will be one of the biggest stories to emerge in 2003.
the old gemlab drill results from years ago estimating known reources @ 59Mt has been flagged as being dramatically upgraded due to technological advances and a reevaluation of the resource mass.
the grass valley project, where these results are from, is currently being drilled with geographical indications pointing towards further substantial resource upgrades...bill murphy flagged this himself in recent press releases the beauty of this story is this project alone could make PPD a multi dollar stock, and not a penny dreadful...minesite published this article a couple of months ago...the last sentence offers some insight...
"The wild card in all this is the little Australian listed company Pan Palladium which is quoted on Ofex and hopes to promote itself to AIM before long. This company recently agreed a deal with African Minerals which gave the latter the right to to earn a 50 per cent interest in Pan Palladium’s northern Bushveld interests on the Platreef which involve both the Impala Joint Venture at Grass Valley and the Randgold Joint Venture at Aurora by spending A$6 million over three years. As its entrance ticket African Minerals has agreed to subscribe for 6.5 million new shares in Pan Palladium at a price of AS0.30 cents a share which will give the company A$1.95 million in its till.
The focus of this deal is on Grass Valley where Pan Palladium is earning a 75 per cent interest from Impala by completing a bankable feasibility study. It is situated on a Platreef type horizon 15 kms south of Potgeitersrus and African Minerals is practically next door with its drilling programmes. A scoping study has already been completed which confirms 59 million tonnes of inferred resources grading 1.3 g/t platinum group metals plus gold as well as 0.14% nickel and 0.04% copper. Preliminary evaluation suggests that the project will be robust and gives it a discounted cash flow worth many times the current market capitalisation of Pan Palladium."
the aurora project looks just as interesting, and we haven't yet spoken of their Aust/US tenemants.
if you need any further reason to investigate PPD further, ask yourself why two of africa's top miners would jump ship from robert friedland's multimillion dollar enterprise, african resources (which they incidentally personally led) to join a 'tin pot' penny stock in Australia?
the answer i believe can be found if you do some research...its potential looks simply enormous!
i hold PPD
PPD Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
