I spent a long soul searching night last night reviewing all my notes, information, consultations and other people's prior views regarding PEM. I could not help concluding, as an opinion for myself alone and not as investing advice for other's, that I have had a growing belief, as has been the belief of PEM, that we have a potential new mining district. This may sound like nothing new coming from me. However, I qualify my words by now saying I no longer state it as PEM's, and other's, belief alone. It is now my belief as well. Next, as I have said previously, this is a potential mining district that is so huge that it would take a decade or two to thoroughly drill this property. Everything I have considered tells me that the challenge is no longer merely finding more gold, for I think it is all over the place, in varrying grades and degrees of mining worthiness, yet to be determined. Instead, I suspect the greater challenge is in the overwhelming, seemingly endless, length, breadth and depth of drilling needed to be accomplished in order to identify and show the locations of the best and most prolific deposits. As I thought about it long and hard, late last night and into the early morning hours, my thinking shifted from hoping we had a potential new mining district to accepting that we likely do. And, importantly for me, that paradigm shift went to where Del Steiner and his staff have been all along, namely, the challenge and task of exploring and drilling an almost unbelievable land mass. I have moved from dreaming about, to believing in, the possibilities. An epiphany of sorts for me. One which many of you have already concluded and committed to long ago. I believe Del Steiner and his subordinates (and the Board) will tenaciously persue the challenge that lay ahead. To all of PEM's staff, you have my sincere gratitude and every good wish for continued success. Importantly, best wishes to all who have made the commitment to risk their hard earned savings, and those of other's, by investing and believing in PEM.

marwal