In all my research, the precious metals bull market, on average, is believed to have perhaps approximately a few years more of upside potential. Whenever the peak occurrs, will precious metals prices (and margins) merely level off or will they go into the usual extended hybernating decline?

Given the time it takes to permit, build, start up and make profitable a new mining operation, existing and future mining companies will want to capitalize on the current bull market before it runs it's course. Perhaps the window of opportunity for PEM to begin to develop a mine, or accomplish a joint venture, merger, or be partially or fully acquired by another miner, is within the next 12 to 24 month time frame. Although no one can know for sure, it begs the question: will acquirers be anxious to do their bidding sooner rather than later. I think sooner. Many professional articles and spoken opinions have made this point with increasing frequency. Most mining entities likely would shy away from expanding their businesses, and taking on new debt, if they think the assets in the ground may be approaching peak value. And so, the merger and acquisition fever for the mining industry, and particulary the precious metals industry, has begun to unfold. We are about to enter "open season."

PEM may have enetered it's most critical time frame in which it must show the world the gold that lays beneath their feet. In the interim, I have no doubt whatsoever, PEM staff know the drilling pace must and will significantly increase out of necessity, due to the forces of time. This is now their and our crucible, PEM's time of critical trial, one which can have a life changing impact on the company and shareholders alike. PEM's staff will be tested to their limits during which many of us will embrace vigils for their, first and foremost, good health and safety, and for the noteworthy "mining district size" like success that impatiently awaits us all.

marwal