Am I correct in assuming Premium did keep a considerable amoint of their land?
Certainly the number of Hectares potentially joint ventured is not as big as I remember the size of the land package Premium originally claimed to have.

I answered the question myself, but here is the answer for the rest of you’all.

Premium is focused on the exploration and development of its district-sized Orogrande Shear Zone “OSZ” to fulfill its vision of developing a new mining district in North America. The OSZ is a 30 km-plus regionally-significant structure that correlates with multiple known zones of mineralization. This structural control to gold mineralization has characteristics similar to many large gold belts, such as the Carlin Trend of Nevada. Exploration is ongoing at the Friday-Petsite deposit; the most advanced of several known mineralized zones located along the OSZ. The Friday-Petsite deposit represents less than four percent of the OSZ under Premium’s control.

My memory, and I could be wrong, is that Premium controlled 19 kilometers of the trend and were trying to get more. (Then the share price dropped and I stopped paying attention to the stock.)
Big Al,
I got the impression from the tone your peroration that you thought Premium had sold it all.

oops omitted “of”
tone of your peroration

Logan (LGR.V) is an interesting company, it has only 15 million shares at this time. MC $1 mil.

Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing mineral properties. Logan has a diversified portfolio of precious metal, base metal and uranium projects. For more information on the property portfolio and Logan, please visit http://www.loganresources.ca.

Logan Resources Ltd. is led by Forbes West, in association with Forbes & Manhattan. Forbes West is a Vancouver-based mining services company established by Mr. Mark Morabito. Forbes West provides administrative, management, geological, regulatory, tax, corporate development and investor relations services to mining companies throughout North America. Forbes West specializes in identifying, funding, developing and managing resource-based opportunities, with a special interest on the junior mining sector. With an office that is fully Sarbanes-Oxley compliant, Forbes West is vertically integrated with in-house geology, legal and corporate finance departments. Forbes West is focused on enhancing value to its growing portfolio of noteworthy public mining companies including Alderon Iron Ore Corp., Crosshair Energy Corporation, Cap-Ex Iron Ore, Excelsior Mining Corp, Logan Resources Ltd. and Ridgemont Iron Ore Corp.

Thx Al & CFS for the update on Premium, I am a share holder (but for how long??)

Just on Silverdoctors that some metal dealers have shutdown sales due to wild price swings.
http://www.silverdoctors.com/gold-silver-flash-smash-on-globex-open-erase-all-of-comex-losses/#comments

http://www.counterpunch.org/2013/03/28/the-confiscation-scheme-planned-for-us-and-uk-depositors/

Robski;
Sh*t!
Say it ain’t so. I hope the Counterpunch ezine is wrong. Now I have to start reading banking charters very carefully…… When is a savings and loan a bank? Hopefully they will be safe. What a mess!

And for all of you w/ Canadian bank accounts:
http://globaleconomicanalysis.blogspot.com/2013/03/canada-discusses-forced-depositor-bail.html

In the UK, there used to “building Societies” that operated like banks, but were different in that they were mutual societies, not corporations. i.e. already-owned by their members and not able to issue “shares”. I know that the Ireland and Iceland fiascos might have changed things, but it is worth looking into the difference, if it still exists.
Clearly, we need a banking system, which is safe. There are many private banks around the world, obviously not FDIC insured, which I had previously made them less safe, but which now makes them more safe. I know Queen Elizabeth uses a private bank. I can’t see her losing millions in a banking collapse. Maybe that’s the way to go!
We need a bank that does not play the futures and derivatives casino. A nice fuddy duddy old-fashioned Bank.
Hey, Big Al, as a member of the board of a small bank, help us out here. Are there any safe banks?

If PEM can now accomplish all of the desired infill drilling this year; if PEM can get the Friday Petsite’s resource count total up to 2.0 million ounces of gold (which I believe very possible); and, if the precious metals and mining sectors-markets simultaneously rebound over this coming year, then PEM will shine.

Without this Logan JV deal, where would PEM be? A bird in hand is worth two in the bush. A JV or a sale of PEM was inevitable this year as was apparent 2 years ago. PEM will not be one of the potential 70% TSX firms risking anhilation in the coming months, provided this deal closes. If this deal fails to close, then PEM is vulnerable to having it’s bones picked clean by the vulchers waiting in the wings.

Big Al says it is a “sad,” day for Premium and/or shareholders. Perhaps our friend Al was refering to PEM having no good choices under the circumstances. I feel that PEM has been saved and I, for one, am grateful. I support this recent JV decision. We survived. It was always all about the money, as I wrote recently. It still is. It always will be. 2 million ounces of gold, in a 43-101, by this time next year, is possible. If the gold price rises, as is expected in the coming year, then our share price should do exceedingly well.

My thanks to all those who did not loose heart. This was a very tough time for PEM and it’s shareholders, but no longer. It will remain a tough time for 70% of all the other explorers and juniors who are financially anorexic from cash depravation. I extend my personal gratitude to all the PEM folks who sacraficed their incomes, while working hard for the company and it’s shareholders. Many shareholders, including institutional investors, stand by PEM as more than mere “fair weather friends.” We continue to see the mega potential of the Oro Grande Shear Zone and the Idaho Gold Project. We just could no longer afford to harvest that significant potential independently, on our own, by ourselves.

We all would have loved a better deal. So, unless any of us know of one we should have taken, “we gotta dance with the one that brung us.” I’ll do my part by proclaiming: “Thank you Logan Resources. I, for one, appreciate your offer, (in the absence of any other better opportunities). Welcome aboard. Let’s go drilling!”

marwal

Come on, marwal, PEM folks have NOT sacrificed their incomes. The reason they got into part of the problem was their burn rate, handing out options and warrants, WHICH WERE THEN SOLD by insiders, driving the stock price down.
I find nothing wrong with turning the company into a project gemerator, I have always considered that as a good business model.

Big Al, What happened to their assets in Mexico, they once talked about? Did they let those leases/options expire to concentrate on Idaho? Did they actually JV 3/4 ths of their assets? Is there not much more land with untested anomalies?

What a disaster!

Why would people invest in this junior exploration sector for a long time?

Bottom line, it sounds like all their work was for nothing (to shareholders).

I don’t want to say the junior market is all a scam, but a lot of it sure is. Too bad.

Meanwhile, south of the border.

http://www.mail.com/news/world/1983750-mexican-vigilantes-seize-town-arrest-police.html#.23140-stage-mostviewed1-2

Could this happen neat you?

r

I may be mistaken CFS, but I think Dundee was the only significant one I know of to dump their options-warrants-shares at increasingly low prices. The price decline, some have opined, was partly a result of Dundee’s sale of it’s huge holding. As for PEM incomes, I and a great many shareholders, are aware of a few PEM folks who have been working for months on reduced and no incomes. I don’t see PEM as merely a project generator. But I can understand why some come to that conclusion. It is truely a matter of opinion, I know. I am familiar with PEM’s expenses, in general. They took steps to reign in spending, shutting down drilling, to everyone’s surprise, prematurely, in the late summer of 2011. They were ahead of most other explorers in cutting back spending in the face of concerns that the precious metals market and the mining sector were about to decline for, what was believed to be, perhaps a few months at most. PEM cut back before hand and throughout the continuing correction, which has lasted more than about 15 months longer than all the so called experts said it would. PEM was on top of this concern early. In fact, shareholders became upset with PEM for halting drilling so early that year. Now, we should be glad they did. Nobody expected the downturn to last this long. I have been a proponent of battening down the hatches for a long duration. We may see this correction last for perhaps several more months to as long as another year +or-. The sooner it ends the better. 70% + of explorers and juniors face extinction in the coming months unless this market turns around. Thankfully, PEM may elude that fate, if we are all lucky.

Over a year ago now I posted I did not like PEM burn-rate and options sold by insiders.
(It may have been close to 2 years ago) Unfortunately I did not sell then, because I thought they had potential. Then they started to promise drill results which got delayed, and by then the share price had dropped sufficiently that selling did not seem worth it.

Many of us felt the same way CFS. When they planned to drill they thought funding would loosen up but it didn’t. Then came the fears that this downturn could last indefinately. All the pundits were wrong week after week, month after month, Rule, Hinde, Pento, Sprott, Greyerz, Turk, and soooo many others screamed that the market was about to sky rocket any day. They did so for 13 months. Nearly all the so-called experts were talking their own book, so to speak. Meanwhile, the explorer, junior and senior CEO’s and staff’s had to adjust, readjust and adjust again to all the hype, during which funding dried up early on and quickly. It is just my view that PEM was lucky to survive this and that they obtained the best deal possible, under the circumstances. I’d bet that there were a few offers made over the past months or year and that had to go back and forth, to mature, ripen. In the end, Del had to go with the best possible suitor, pure and simple. I have often said “half a loaf is better than no loaf.” Same goes for 1/4 of a loaf, so long as someone else foots the bill so we can drill and report asset results once the mining sector and gold market take off to the upside. Then, if we are lucky, we should see rewarding results.

Oh, sorry,. . . to an earlier question, I think, CFS. . . I believe this JV deal is only for the OSZ in Idaho and that it does not pertain to Montana. As you will note, Montana was never mentioned in the news releases of both companies. Just the Idaho OSZ. But, a call to Investor Relations would give you the assurance you may want on this issue.

Best regards.

Marwal;
Thanks. I’m not that worried. Que sera, sera. My loss is accepted. All mistakes are educational. That is why one spreads the risk by not putting all eggs in one basket, no matter how good and safe the basket looks. I am bad at cutting losses, and I really do know, return of capital is as important as return on capital. over the years I have put on stops, only to be taken out and then see the stock in question go up a hundred or more percent. I have tried to derive formulae to place a stop order based on a stock’s beta, but nothing seems to work very well. One just forever has to keep on top of things, and that is hard when I also love to travel and can be away from a computer for weeks at a time.

this is the reason that I will never invest in exploration companys again, they go to be mining something (AUN) or waiting on permits to mine (CZN) lession learned

The amazing thing was about CZN, if my memory is correct, that was a working mine owned by the Hunt brothers or about to be working when the Hunt brothers got scr*wed by the system and had to sell it. I have owned that stock for decades watching it go lower and lower. It could have been profitable on its zinc, regardless of the millions of oz of silver! Useless BoD, just milking the system for salaries IMHO.
Same with many explorers that NEVER intend to do anything but milk investors.
That’s why I finally learned to study annual reports VERY closely and dump companies that pay themselves too much or give out too many options or do reverse splits or change names without a really good reason. IT IS VITAL to know not when to buy, but when to sell.

If PEM has 2 million oz in a 43-101 this year it will be inferred and indicated RESOURCES. By TSXV definition a resource is uneconomic. Currently inferred resources are being valued at $20 in the ground. That means PEMs share would be worth $10,000,000. That implies a 7 cent share price.

Whenever I see a company spend $500,000 a year on IR and $200,000 on travel (how does it cost that much to get from Vancouver to Idaho?) and run by a lawyer I stay away.

The good companies don’t advertise.

I meant indicated and inferred resources are being valued at max $20 in the ground.

Sorry guys buts its over…

Al – you are a close friend of Del’s for over 20 years – how does Del view this as an exit opportunity for profit for investors such as yourself? How has Del represented why he made this decision to you andhow it is good for you, his friend, and other shareholders who’ve patiently purccased and held PEM at higher levels for years? Thanks….

I agree with you completely about the deoifitinn of rapid cycling !! A few times a year? Give me a break!!I just wanted to say one other thing: The last two paragraphs really struck a chord with me, so I have to say, Oh my, yes!! YES!!!! Kathy

So beautiful. I rellay believe that a woman carrying her baby is one of the most gorgeous things on the planet. It is truly a picture of God’s love and grace for us. Praying safe journey for Em & Brian, and the precious tiny one