PLE - diskussion & analys | Redeye.se

från ledningens obligatoriska “filings” i samband med den nyss avgivna kvartalsrapporten som går att hitta på www.sedar.com

Jag citerar nedan avsnittet om deras projekt inkl det intressantaste Bolsa del Diablo. Trots det “strul” och långbänkande som varit är alltså aktien fortsatt intressant om lokalinnevånarna kommer överens med PLE, efter ett möjligt positiv röstningsutlåtande inom några veckor. Potentialen är mycket stor liksom risken. En prognos avslutar ciatatet.

Med denna blogg lagrar jag info om PLE praktiskt åt mig själv :-)

Men först en mycket viktig detalj :

“Outstanding Share Data As at April 25, 2008, the Company has 141 394 134 common shares outstanding, 10,341,167 stock options outstanding and 8,225,430 warrants outstanding. “

Summa ca 160 M aktier efter full utspädning och börsvärde nu på 0.14 CAD är således ca 22.4 M CAD eller ca 132 M kr.

" Bolsa del Diablo

The Bolsa del Diablo project in Peru is the core asset of the Company. Management believes that this project has all the making of a new gold mining camp in northern Peru. The project covers an area of nearly 225 km2 located near the border with Ecuador. The Company owns 100% of 24 concessions and has the right to acquire 100% of 2 more concessions through option agreements. All the concessions are located on land owned by two communities. The ground geophysical program was halted in early 2007 in the community that covers the northern part of the concessions because a written permission was deemed required before a diamond drilling program could be initiated. Since that time, the Company has partly halted the exploration program and has affected part of its available manpower to work with the social team. The Company is seeking to obtain permits from those two communities. The local gold production from artisan miners has decreased in 2007 and they are now seeking help and assistance from the Company. The Company has told the communities that it will continue helping the artisan miners by providing technical help, safety materials and by teaching them the proper way to handle and to dispose of toxic materials, as long as they award the Company permission to pursue its exploration program. In return, the Company will invest a percentage of its exploration budget in local initiatives that will benefit the whole population. The Company has received, in March 2008, a formal invitation to attend the next town meeting and present its exploration program and benfits to the community. The decrease in the stock price in 2007 is mainly the result of the slowdown in the exploration program at Bolsa del Diablo. However, the management is confident that a permit will be obtained in a timely manner so that the IP program can be completed and the first drilling program can be carried out in the northern community. Basic geological work involving mapping and sampling is still being carried out on the project. For the past two and a half years, the Company established good working relationships with the local communities and the local miners present on its concessions. The Company’s mine technicians are helping the local miners locate the veins extensions and teach them how to mine in a safe and environmentally friendly way. Most of field work in 2007 consisted of social work, reconnaissance, prospecting work, geological mapping and sampling on the Bolsa del Diablo project and in the neighboring community adjacent to the Angolos concession. During the past two years, geologists have uncovered an area measuring approximately 6 km2 on which a number of artisan miners are pulling gold on a daily basis from trenches or pits. In one pit, Company’s geologists got the highest grade sample to date on the property; 635 g/t Au and 24.8 g/t Ag from a vertical channel taken from a vein. The airborne survey detected a large magnetic and potassic anomaly measuring 2.5km x 2.8km coincident with a mapped intrusive body. Preliminary results from the IP program indicate that high resistivity is consistent with silicification associated with the veins. At 100 meters of depth, the resistivity decreases and the chargeability increases. This may represent an increase in sulphide mineral content that would be consistent with a gold bearing alteration system which is the target the Company is exploring for.

The alteration zone is characterized by low to intense silica and clay hydrothermal alteration. All the volcanic rocks in the area of interest show pervasive argilic alteration and have developed very intense stockwork structures. Gold mineralization occurs partly as fracture fillings in the stockwork and also as dissemination throughout the rock. Limonitization is pervasive throughout the rock. This

intense stockwork was observed in numerous places on the property. There are over 100 pits, some going as deep as 40 metres, and numerous trenches located throughout the property. Plexmar continue to consolidate its position in the Bolsa del Diablo camp, especially in the neighbouring community where the same pervasive alteration has been observed and where artisan miners have been extracting gold from narrow high grade veins from tunnels and ramps going as deep as 100 metres vertical in some areas. On July 24, 2007, the company signed two agreements for the acquisition of all mining rights in Hans X, XX, XXX properties (collectively “Hans”), Dorado del norte 1 property and Virgen de Carmen de Pataz property (collectively “Dorado”) in consideration of cash payments amounting to US$3,600,000. An amount of US$548,500 was paid and other payments are as follows:

HANS

DORADO

TOTAL

2008

200,000

423,000

623,000

2009

350,000

298,000

648,000

2010

700,000

345,000

1,045,000

2011

735,500

Furthermore, a payment through the issuance of 2,000,000 common shares of the Company for the acquisition of the Dorado’s properties shall be made as follows subject to approval of the transaction by the TSX Venture Exchange: 500,000 shares upon signing of the contract, 500,000 shares thirty days after the signing of the contract, 500,000 shares six months after the signing of the contract and 500,000 shares twelve month after the signing of the contract. To date no shares have been issued. The Company may terminate theses agreements at any time by sending a notary letter. The Company temporarily stopped payments under the Dorado agreement because of Force Majeure. Payments will resume once the company obtains the social license from the community giving the company the right to perform exploration work. The Company decided to abandon the Hans properties resulting in a loss of $149,970.

Ecuador (Escondida) Potential changes to mining laws in Ecuador On April 18, 2008, the Euadorian government through its Constitutional Assembly approved a Mining Mandate (the “Mandate”) which has created uncertainty over the status of tenure to mining concessions in Ecuador. The Company is evaluating the impact of the Mandate as amendments are still possible. Some of the major features of the new mining mandate that may have an impact on the company are as follows:

• The new mining mandate limits mining companies to holding a maximum of three concessions. The Company will seek to protect all investments made to date at its 24 concessions.

• The new mining mandate invokes an immediate 180-day suspension of activities on virtually all mining concessions in Ecuador while a new mining law is drafted and adopted. The company is awaiting formal notification from the Ministry of Mines and Petroleum of the effects of the mining mandate on the company’s operations, as defined in the final provisions of the mandate.

Potential impact on the value of the mining properties in Ecuador As at December 31, 2007 the book value of mining properties held in Ecuador is $3,085,393. The Company’s management believes it has complied with the necessary requirements to ensure that it has maintained title in good standing for all of its mining properties. If this new Mandate is applied as it is now, the Company could experience difficulties upholding title to its mining properties and this would represent an impairment event for its mining properties held in Ecuador and the resulting impairment would be material to the Company and it could be up to the full amount of $3,085,393. Potential impact on the Amount receivable from Escondoro Resources Ltd.

As at December 31, 2007 the amount receivable from Escondoro Resources Ltd (“Escondoro”) upon the Option and Joint Venture agreement as described in note 11 g) is $874,369. If this new Mandate is applied as it is now, the Company could experience difficulties recovering this amount as Escondoro could be unable to complete its initial public offering. This would represent an impairment event and the resulting impairment would be material to the Company and it could be up to the full amount of $874,369. The company welcomed president Correa’s repeated statements that responsible mining will go ahead in Ecuador. He said that the purpose of the mining mandate was to allow the government to get its house in order and new mining laws in place so that responsible mining can proceed. The president invited the mining companies to meet with the ministry (of mines and petroleum) to help formulate the new mining laws, starting this coming Monday, April 28. The company continues to seek clarity from the government regarding the mining mandate’s specific application to the company’s operations and will issue updates as information becomes available. In November 2006, the Company signed a final agreement with the owner, Minera DMG S.A. . (“DMG”) of the Escondida project in Ecuador to acquire 100% of the mining rights to these properties. The Escondida project represents one of the largest land positions in the Cordillera del Condor near Aurelian Resources’ Fruta del Norte gold discovery. The project covers 84,110 hectares (841.1 km2) and borders Aurelian’s large land package on the western flank and north of Corriente Resources Mirador deposits. Fruta del Norte is believed to be the one of the most significant gold discoveries made by a junior miner in over a decade. The Company acquired in 2006 a 100% interest in the properties in return for cash payments totalling US$2.0M over a 24-month period following the signature of the final contract and the issuance of 6,000,000 shares. Payments totalling US$1.35 million have been made. With respect to the shares, 4M were issued in May 2007 after the approval of the transaction by the TSX Venture Exchange and the remaining 2M were issued in November 2007.

Under this agreement, Plexmar was required to assign a 60% interest in the properties to a new company and on September 14, 2007, the Company and its subsidiary (‘Plexmar Ecuador’) entered into an Option and Joint Venture Agreement (“Option Agreement”) with Escondoro Resources Ltd. (“Escondoro”), a company managed by the president of the Corporation, and its wholly-owned subsidiary SadcoEcuador S.A. (“Sadco”). Escondoro has filed a final prospectus and would like to complete its initial public offering in in 2008. Sadco was granted the sole and exclusive option (the “Option”) to acquire up to an undivided 60% interest in properties held by Plexmar Ecuador (the Escondida properties), which is subject to the performance of the following terms and conditions:

1. the payment by Escondoro to Plexmar of an aggregate amount equal to the expenditures previously incurred by Plexmar on the Escondida properties amounting to $1,384,822 of which $510,453 was paid on December 31, 2007;

2. the issuance by Escondoro on the listing date of 3,000,000 common shares to Plexmar;

3. the undertaking by Escondoro to bear and pay all payments due by Plexmar or its subsidiary to DMG in regard of the acquisition of the mining rights of the Escondida properties as follows:

US$

November 7, 2007 (paid)

200,000

February 7, 2008

200,000

May 7, 2008

200,000

November 7, 2008

250,000

4. Sadco will incur work expenditures aggregating US$3,000,000 with respect to the exploration and development of the properties in accordance with the following schedule:

(i) US$750,000 on or before one year after the first date that the common shares of Escondoro will be listed on the TSX Venture Exchange Inc. (the “listing date”);

(ii) US$1,000,000 on or before two years after the listing date;

(iii) US$1,250,000 on or before three years after the listing date.

5. as long as Plexmar or Plexmar Ecuador is a shareholder of Escondoro, undertaking by Escondoro to propose to its shareholders two Directors designated by Plexmar.

Upon Sadco having acquired a 60% interest in the properties, a joint venture will automatically be formed with Plexmar Ecuador holding a 40% interest. Terms of the joint venture will include:

• Sadco will act as operator of the joint venture and will have the right (but not the obligation) to remain operator for so long as its participating interest is 50% or more; and

• a management committee will be formed for the direction and control of the affairs of the joint venture, with the operator having a preponderant vote on any matter to be determined by this committee.

A 2.5% Net Smeler Royalty (NSR) was awarded to the owner with a right of first refusal assigned jointly to Plexmar and the Escondoro. In the third quarter of 2007, the stream sediment sampling program started on the central block of concessions in the first quarter was completed and more stream sediments were taken in the southern block of properties near the Peruvian border.

Escondoro filed a revised prospectus in March 2008 that can be consulted on www.sedar.com. With the actual situation in Ecuador and as described in the section Potential changes to mining laws in Ecuador, Escondoro could be unable to complete its initial public offering. Marilia The Marilia group of properties are located in the department of Cajamarca in northern Peru. They cover a total of 1,600 hectares and are situated about 15 km west of the town of Cajabamba. Geographically, Marilia is located in the centre of a gold belt bordered to the north by the Yanacocha mine (Newmont) and to the south by the Pierina mine (Barrick). More precisely, the property is about 3 km north of the Shahuindo property of Sulliden Exploration and 25 km north of Barrick Gold Alto Chicama deposit. Sulliden recently announced excellent drilling results (1,98 g/t Au over 45m and 3,27 g/t Au over 30m). Shahuindo contains resources of approximately 825,000 ounces of gold and 15 million ounces of silver. The Marilia property possesses several similar characteristics with Alto Chicama and Shahuindo. We note the presence of:

• the porous Chimu sedimentary unit, which contains a large part of the gold in the Alto Chicama deposit;

• granodioritic and dacitic intrusives, which control the gold mineralization;

• hydrothermal alteration in the northeast and southwest, which indicates a significant potential for gold mineralization;

• pyrite, arsenopyrite, chalcopyrite, galena and an anthracite coal horizon in which there is often free gold as found in the Alto Chicama deposit;

• several breccias;

• geochemical anomalies in gold and arsenic;

• surface gold values of up to 2,9 g/t Au.

The Company has only done reconnaissance work on those properties and is waiting for the legal battle regarding the ownership of the nearby Shahuindo deposit to be resolved before resuming the sampling and mapping program

No exploration work was carried out on the Marilia project this year and as the company does not expect to carry out exploration work on that property in 2008, it was decided to writte-off $158,896 i.e. the whole amount invested on that project since inception.

Marilia The Marilia group of properties are located in the department of Cajamarca in northern Peru. They cover a total of 1,600 hectares and are situated about 15 km west of the town of Cajabamba. Geographically, Marilia is located in the centre of a gold belt bordered to the north by the Yanacocha mine (Newmont) and to the south by the Pierina mine (Barrick). More precisely, the property is about 3 km north of the Shahuindo property of Sulliden Exploration and 25 km north of Barrick Gold Alto Chicama deposit. Sulliden recently announced excellent drilling results (1,98 g/t Au over 45m and 3,27 g/t Au over 30m). Shahuindo contains resources of approximately 825,000 ounces of gold and 15 million ounces of silver. The Marilia property possesses several similar characteristics with Alto Chicama and Shahuindo. We note the presence of:

• the porous Chimu sedimentary unit, which contains a large part of the gold in the Alto Chicama deposit;

• granodioritic and dacitic intrusives, which control the gold mineralization;

• hydrothermal alteration in the northeast and southwest, which indicates a significant potential for gold mineralization;

• pyrite, arsenopyrite, chalcopyrite, galena and an anthracite coal horizon in which there is often free gold as found in the Alto Chicama deposit;

• several breccias;

• geochemical anomalies in gold and arsenic;

• surface gold values of up to 2,9 g/t Au.

Cascajal Project The Cascajal package of properties, located in Northern Peru, in the La Libertad department is composed of 6 properties covering 2,500 hectares. The Company owns 5 properties and has currently one purchase agreement on one property. Since 2005, the Company did not carry out any exploration work on the Cascajal project. A local mining Peruvian company has optioned the property that Plexmar dropped in 2004 and apparently had a successful drilling program. We have approached this company to discuss their interest in our package of land surrounding them. Due to renewed interest in the area from other entities, we will keep the mining titles for another year.

The Malin plant, which was purchased in 2004 is located 5 kilometres from Cascajal. It is a0 150 TPD flotation plant that has been on standby since 1990. In 2008, the Company will evaluate the possibility of a commercial start up to custom mill gold and silver ores coming from nearby small producers or for ores coming from the Bolsa del Diablo project. No exploration work was carried out on the Cascajal project this year but the company expects some development on this project in 2008 Almirante Miguel Grau On August 18, 2006, the company signed an agreement for the acquisition of all mining rights in the Almirante Miguel Grau in consideration of a cash payment of US$50,000 and the issuance of 2,000,000 common shares of the company. No exploration work was carried out on this project in 2007 and the company expects to do reconnaissance work, sampling and mapping in 2008.

Outlook for 2008 In 2008, the company expects the following: - Grant of a social permit in the first half of 2008 to resume exploration work on its Bolsa del Diablo project; - Major exploration program including drilling on Bolsa del Diablo. Management will monitor closely the evolution of the situation in Ecuador and will keep shareholders informed as important development arise. "