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Bubble Pricker

Peninsular Gold PGL

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Does anyone have any insights why PGL is dropping like a rock on no news? The recent newsflow looks generally ok, with some new resources discovered. I am really getting tired of all these mining dogs, first Oxus, then Golden China, now this one. They have almost completely eradicated my profits from the private placements.

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sorry to hear that.

 

i'm not involved. i never quite trusted those guys.

but there's one big backer, and he will have to find the money to right the situation, i suppose.

 

how heavy is the volume?

 

I'm not bulletproof on everything. but with over 40 positions, no single one is going to hurt me too badly.

I have only two that are in 7-figures, and they look pretty solid. if oxus and PGL were in canada, i would

study them more deeply, and maybe buy some

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4th April, 2007

 

Peninsular Gold Limited

 

('Peninsular Gold' or 'the Company')

 

Company Update

 

- Debt financing arrangements on track

- Civil works for CIL plant begun

- Transfer of mining certificate MC511 approved

 

Further to the announcement of 23 November 2006, the Company is pleased to announce that it is making good progress with Nedbank Ltd on the implementation of the loan facility for the proposed Raub Carbon-In-Leach (CIL) plant. The project's financial model has been accepted by Nedbank Ltd and negotiations and documentation are progressing as expected.

 

Meanwhile, the contract for the earthworks and piling phase of the proposed Raub Carbon-In-Leach plant has been awarded. All the necessary environmental and other approvals for the construction are in place. Work has now begun and is expected to be completed in May. This preliminary phase of construction has been started now to expedite the plant's completion once the full financing arrangements for the project are in place.

 

The Company also wishes to announce that the State Government of Pahang has approved the transfer of the entire interest of Choong Loong Sang and Abdul Aziz bin Othman in the MC511 Land, covering an area of approximately 93 acres, to SEREM Malaysia Sdn Bhd (SEREM), a wholly-owned subsidiary of Peninsular Gold. A payment of RM400,000 (approximately £58,600) will be deposited with SEREM's solicitor as stakeholder. Upon completion of the transfer, the said amount will be paid to the vendors. The Company views this as very positive news as MC511 forms a part of its deposit at Tersang.

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All the news that comes out seems to be reasonably good. I just don't understand why the SP has halved over the past 9 months.

 

Possibilities are:

 

- a lack of promotion of the company in the UK together with illiquidity on AIM

- a poster on ADVFN claimed that the non-executive director was selling shares, which may send out a bad signal

 

 

I am minded to add some more at the present level. In trying so, I experienced the AIM market maker monopoly again. The spread was 23-28. I had my broker phone around the market makers announcing that I was prepared to buy at 25. Later the same day, three trades went through at 23, but I was not filled.

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