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PGI News Feb to July '08
Jul 26, 2008 09:46AM
AU says BAYONGAN NOT FEASIBLE at 475-700 gold, 1.15-1.75 copper..Anglo tells PGI Feb 2 08 PGI says 'ok..then give claim back'..AU says, 'no way. there's other stuff nearby we are going to drill...too.' http://www.fin-info.com/$main$nobody...
...then in correction release July 08 PGI clarifies position "In the PFS, Anglo assumes constant copper prices of $1.50 per pound and gold at $600 per ounce. Currently, copper is priced at $3.65 per pound and can be hedged for as long as five years for at least $2.50 per pound. At this time, gold can be hedged at approximately $950/ per ounce. The Company views it possible to protect prices higher than the $600/oz that is used in the PFS. 7/9/08 http://www.fin-info.com/$main$nobody... In respect of smelter charges, Anglo assumed treatment charges (TC) of $85/ton of copper concentrate and refining charges (RC) of $0.085/lb of copper metal. These charges are almost double the current annual terms in the Japanese Smelter Pool which are $45 TC and $0.045 RC and do not take into account any potential negotiated discounts on these amounts.
The Company has engaged Mr. Dexter Ferreira of Independent Resource Estimations cc. to provide a National Instrument 43-101 compliant Technical Report in respect of the Boyongan project. The Company expects that this will be completed by the end of the third quarter 2008. Until such time as the Company has received and filed the 43-101 report, it will not be providing technical updates on its resource properties, unless the qualified person is in a position to verify the contents of the disclosure. later drilling results Bayongan,Bayugo 4/29/08 "Holes TSD-124 and JSD-28 confirm the potential of the Bayugo deposit to host significant high grade copper-gold porphyry mineralization, but it will probably take two to three years for us to prove the tonnage and grade of this deposit", said Company Chairman, Walter Brown.