Dear Jay, "Hanger on"

Don't feel bad, I've hung on to many stocks and have been left in your position. I know how it feels... so it's not necessary to count me as a heartless prick. I definitely feel your pain. It would be easy to say we are going to the moon tomorrow, but that just isn't going to happen; and when it doesn't, you'll simply be more disappointed.

This venture game will swallow you up unless we learn from our mistakes. the "Moon shot" usually happens in the early stages of a project when they hit either great widths or great grades. the moon shot also shoots higher when more people are watching, as happened in 2007. after the initial discovery (hercules) explo stocks generally fall back to reality ... even Aurelian dropped over 50% before being bought by Kinross in 2008.

Now we are in the mine development stage on a different property ... there's no moon shot potential any more, only derisking and steady growth that will still outperform a blue chip stock.

The reality is, if PDG was still KXL and were stuck in the beardmore geraldton area, we'd be worth less than 10 cents and you may or may not have left your cards on the table. Now we are a new project bringing a former mine back into production with a hugely increase resource. Usually it takes over 10 years from first drill to first pour (Newmonts Yanacocha Mine with 40 million oz took 12 years back in the 80s). Magino had already been drilled and in 2 years we have increased a resource from under a million oz to over 6 million ounces, with infrastructure and are now about to release a pre-feasibility study.

The fact that a pre-feas is now being done rather than a feasibility study means the project is pushed back a year likely. The silver lining in that is that management probably thinks this project is much bigger than it is and wants to prove that before deciding on the size of mine. Still it adds a year to Vegas.

It was depressing holding on to stocks that had a huge loss and even though they had potential to double, still would leave me in a loss position. Eventually I wiped the slate clean, and started over. I am still way below what I had in early 2008 but my perspective has changed completely. So now with my stocks, I never fall in love, I evaluate their potential compared to other opportunities in the market. If something else looks better I'll move my chips. With PDG, I have to admit that since we've been pushed down the road a bit, I've lightened my load as I see other short term opportunities that are worthwhile. Still I hold a significant portion of my venture porfolio in PDG.

- It has a good resource

- it has infrastructure

- it's in a favourable location

- managment seems to be motivated

- it's backed by money

- there's most likely a lot more gold there, it just has to be found.

Those are the ingredients for some decent growth over next 2 to 3 years but it's definitely not a moon shot.