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PMI crowned with gold grades and high profit margins

Everyone knows the saying "buy low and sell high, but means the purchase of low value in buying what other years. Only a few sellers can attract more of panic selling and, conversely, a pair of large shareholders can stimulate the most optimistic purchases. Market leaders have the courage and the ability to deviate from the herd and buy a stock at its actual value, not just because everyone purchase.

The same logic applies to exploration companies: Creating wealth for investors by acquiring and developing properties where others have failed – due to higher commodity prices, market conditions, politics or lack of courage or ability.

PMI Gold (TSX-V: PMV), Doug MacQuarrie has had its eyes on the gold belt in Ghana Asankrangwa in West Africa since 1994 when co-manager of the first survey, modern geophysical belt flight. The survey found that the belt was a major break unexplored, which is equivalent in functionality and structure of the prolific Ashanti band nearby. The main difference is that while virtually all the belt was staked by juniors, production was much less Asankrangwa Ashanti.

Thus, when fallen gold prices and the very young began to crumble in mass, MacQuarrie and his companion followed Ghana instinct and bought concessions upstream to the Throughout Asankrangwa within the Golden Triangle in Ghana for a fraction of what it costs today.

This kind of thinking non-conformist that PMI has led the pack before the bull market began and continues to distinguish today.

MacQuarrie mine plans significantly different from their peers. To advance production in its draft Kubi, MacQuarrie provides a small, low cost 500 tonnes per day operation aimed at high initially intermediate between 12 and 15 g / t, and results in approximately the same amount of gold produced in a block of tonnage low grade open pit.

Kubi, who acquired PMI in October this year, * has a 43-101 compliant resource estimate of 604,000 ounces of gold indicated and inferred 315.000 ounces. Between 1999 and 2005, Kubi Mine produced 59,000 ounces of gold at AngloGold Ashanti of 500,000 tons of ore with an average grade of 3.65 g / t.

Before completing the pre-feasibility Kubi, PMI focuses on the increase of $ 50 million in funding both projects Obota Kubi mines in operation and the latest in production and underground operations. Kubi project is more advanced and PMI will move to the first in the development of pre-feasibility study regarding the funding is in place. The mining concession has been issued. The mine is located just twenty minutes south of the infrastructure in Obuasi, Ghana leading underground mining area. And because gold grades are high, MacQuarrie production plans to spend eighteen months.

Mining high quality, low tonnage have the opportunity to reduce financing costs, reduced funding requirements and timelines for production. However, as in the past, when it bought MacQuarrie concessions in Ghana, the same time as the youngest of others sold, MacQuarrie seems that the cons-stream.

"We are committed to two mines in production and focus on margin," he said. Their model is different. There is widespread, and not high tech, but potentially lucrative.

And there are ancillary benefits. Mining in a developing country like Ghana, creates the opportunity to provide work for hundreds of locally trained but unemployed. Instead of spending money on expensive equipment, like a giant drill bit used by operators, PMI is able to train and pay many unemployed Ghanaians use and repair of cheap has little conventional high-technology such as legs and stopers, while saving on capital expenditures.

Similarly, instead of processing hundreds of thousands of tons of ore in a hole, PMI can maintain its light footprint and save on restoration costs, all for the same net amount of gold. Projects like this, MacQuarrie more opportunities argues, "are easier to sell to developing countries. Do not end up having to go the families and villages, and provide more employment and long term. "

Kubi also Obota production is on the horizon too. Increased production in the belt Obota totaled Asankrangwa 730,000 ounces of gold – 590,000 from the Nkran pit with the remains of 140 .000 and septic Adubiaso Abore.

Although there is no 43-101 resource estimate for the project Nkran, Golder Associates was commissioned to prepare for early 2008. PMI Gold believes that exploration is a goal of up to 2 million ounces by Nkran hole.

An analysis recent 2539 drilling program in my Property Obota including highlights of the pit Nkran of 44.5 m of proof 2.61 g / t gold by immersion the extension of bail. And south of the 170 m drilling the southern end of the pit has become a nail of 2.7 m of 8.91 g gold / t.

MacQuarrie trust their strategy, if different it can be. And he has another plan that sounds good to investors: "As soon as we pay the bank, we pay our shareholders a portion significantly our net income, after all, retired bank debt, as dividends. "

PMI is currently negotiating about $ 0.24 to $ 0.47 for 52 weeks. Fully diluted, the company has 87M shares outstanding.

This article is intended only informational purposes and does not constitute a recommendation to buy or sell shares of any company mentioned herein. It is based on sources deemed reliable, but not makes no warranty as to accuracy is expressed or implied. The opinions expressed in this article are the author except where statements are attributed to people than the author, in which case the opinions are those of people assigned to them.

About the Author

Resourcex Investor is an internationally distributed newsletter about emerging junior resource companies. Sign up for a free 1-month trial to our newsletter and get instant access to news and investing tips that have helped many of our readers make more money. http://www.resourcex.com

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