Al's Insights – Wed 25 Apr, 2012

Update from Premium Exloration

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Featuring:
Al KorelinMike Ostenson
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Comments:
  1. On April 25, 2012 at 2:36 pm,
    Max says:

    Thanks for asking some harder questions Al.
    Too bad he couldn’t really answer them, and was very vague.
    I’m glad you took the initiative! :)

  2. On April 25, 2012 at 3:03 pm,
    Jeff says:

    Al/any others – I’m curious, too, as to why he was so vague regarding what they are going to do with the money? Is it because they can’t really say anything until they get the BCSC disclosure documentation squared away to be 43-101 compliant? (Hopefully by end of May/early June). Why can’t he just say – ‘we have ‘x’ amount in treasury from this financing and previous funds and we plan to use that money to operate two drills at Friday to explore apprx. 10-20 holes along the 5 kilometer strike…we plan to commence that in mid-summer and complete by September/October with lab results to determine future drilling…’ etc., or whatever in the heck it is they plan to do. Is that too hard? Does that run afoul of any Canadian reporting laws? Or do they really just don’t know what they’re going to do at this point? Any answers would be appreciated.

    Thank you for providing regular updates btw, but the company should understand that these kind of extremely vague non-committal responses to your honest questions does not exactly inspire confidence for shareholders … it almost sounds like their trying to hide or something (not saying that is the case, it just gives that impression)….

    • On April 25, 2012 at 8:38 pm,
      Lynn - (male) says:

      And this kind of response does not bode well for new potential investors that have been monitoring Premium.

      Waiting,
      Lynn

      • On April 26, 2012 at 10:25 am,
        Big Al says:

        Morning Lynn,

        I have to agree. I will call Del.

        Big Al

        • On April 26, 2012 at 11:26 am,
          Lynn-(male) says:

          Good afternoon sir.

          I will be seeing this Saturday at the conference.

          Have a safe trip!
          Lynn

    • On April 25, 2012 at 11:32 pm,
      castanheiro says:

      Hi Jeff,
      I agree with your assessment. I have been a strong supporter of Premium up till now, as I am a shareholder as well. But, I did not like the responses nor the tone that I heard from Mike Ostenson. Talk about hedging his answers. He most certainly did not inspire confidence at all. Wow, a rather disconcerting interview, but thanks Big Al, for getting him on and trying to get some definitive answers out of him. Usually, a company rep will try to instill confidence by telling people that they are implementing a robust drilling program, which is what you have to do to develop ounces. He appeared to be very undecided and nonspecific about a serious drilling program, which would almost suggest that they either don’t have the money to drill, or they don’t have any real viable targets, which is really scary. I sure hope I’m wrong!!!

      • On April 26, 2012 at 10:26 am,
        Big Al says:

        Morning Mr. C,

        As I mentioned above I will contact the company.

        Big Al

        • On April 26, 2012 at 4:22 pm,
          castanheiro says:

          Hi Big Al,
          Thanks much sir, for your good work for us. I am not a marketing expert, but I have started and operated my own business in the past, so I know how important it is to give a the right tone to what you say. This i know from my own experience. It is usually better to not come out with anything, as opposed to coming out with something that gives a dubious or inconclusive message. Why create doubt and questions that didn’t exist before? It makes no sense to me. Somebody in charge of marketing or information really dropped the ball here, IMHO. If you don’t have someone who can handle the “public information” in a way that inspires confidence and calmness, you’re better off not putting anything out. Just my ideas. Thanks for all you do Al.

  3. On April 25, 2012 at 3:25 pm,
    Big Al says:

    Hi Max and Jeff,

    I have forwarded your comments, which were right-on, to Mike.

    I expect a response from him.

    Big Al

  4. On April 25, 2012 at 11:50 pm,
    castanheiro says:

    These are the results from the final three reconnaissance core drill holes of 2011 Premium drill program. Supposedly, they are going to finish the final 15,000 meters in 2012, but with Mike’s interview, I would not be too sure that is going to happen. Sounds like they are running out of operating capital.
    Key Drill Results:
    SD2011-1: 0.25 g/tAu over 13.6m within
    0.14 g/t Au over 113.4 m
    SD2011-2: 0.12 g/t Au over 10.1 m as well as
    1.64 g/t Au over 0.9 m
    SD2011-3: 3.38 g/t Au over 0.9
    Not too impressive.

  5. On April 26, 2012 at 4:42 am,
    James Flannigan says:

    Well here are a few thoughts and ONLY my opinion.
    First I do not expect PEM to do any drilling this year.The funds raised will not get the job done.The funding is well short of any meaningful drill program.Second they are very unlikely to attract a JV under the non compliant BCSC 43-101 problems that are much deeper than we are being told IMO.If they have in fact combined small intercepts at friday spacings in the drill core to make it appear to look like a longer intercept(thats what I heard) and the company will not return my call regarding this fact,then who would fund with cash or JV this company or take it over and have to take on the liability?Midas does not want to touch PEM with a ten foot pole at this time due to this comments out ofthe BCSC.I too have been a big supporter of PEM,but its time to come clean and give strait answers rather than seeding doubt when doing a public interview.That seems to be a pattern with PEM always in a self induced quiet period with PEM.Time for PEM to get its shareholders out of the dark and into the light.PEM has good ground but needs to set forth a plan to fix its non compliant reporting problems and most of all be striat up honest with it shareholders for better or worse.There has been great damage to the creditibility of PEM funding at multi year lows in tax loss season and now taking down its core box and its 43-101 of its web site.It will take some time to restore investor confidence.There is no nother class of investor than the JR speculator who will stick its head in the sand faster at the first sign of doubt.I now think I know why Dundee bailed they knew of the PEM problems before the rest of us.

    That said we still hold PEM in hopes of some kind of recovery of our investment

    James

    James

    James

    • On April 26, 2012 at 6:31 am,
      Lougino says:

      Thanks Al for the quick update with Mike. Very much appreciated although there is still many unanswered questions. Maybe in due course!!
      James I always appreciate your comments but let me give you some feedback. The original 43:101 issued in Sept was accepted by the securites and is on Sedar. Del has said that during the Prospectus offering there were some minor adminstrative problems that the BCSC wanted corrected. THis update should be completed in May! The resource estimate of 1 million + OZS seems to be intact and MIke referred to 1 million OZS in this latest interview. Relying on hear say from an outsider when it comes to drill hole intercepts is not prudent. Get the facts, from the company if you can before putting them in print!!
      The PEM website is a mess and needs a clean up and put up-to-date, its like trying to sell a house with the doors backwards and flooring not in, but PEM says they are working on it. CoreBox is not off the PEM site the buttons are labelled incorrectly. Press on the Corebox pic and all the intercepts are there.
      MIke offerred up an opinion that there is other avenues for financing other than another PP!! What it is is still to be kept QUIET from the retail investors is my take. We will have to wait and see!! All the best!!

      • On April 26, 2012 at 7:14 am,
        James Flannigan says:

        These are the companies words,they seem to confirm what I heard before the March 12 NR regarding drill intercepts.

        This is no time to shoot the messenger.I offered my opinion… readers are free to judge for them selves:

        “•additional descriptions regarding cross-sectional widths of the Friday-Petsite deposit, representative drill sections through the Friday-Petsite deposit showing spatial relationships of the mineralized drill intersections and composite assay results, and additional explanations regarding geological modelling and classification of indicated resources,”

    • On April 26, 2012 at 10:03 am,
      castanheiro says:

      Hi James F,
      Thank you for your observations. Very well put and I couldn’t agree more with your conclusions. Best to you.

    • On April 26, 2012 at 10:32 am,
      Big Al says:

      I have spoken with the company again and impressed the need to reply.

      I am not selling my stock at this point.

      Big Al

      • On April 26, 2012 at 12:01 pm,
        James Flannigan says:

        Good work Al. I think we need to hear from Del more info on some detail if he can provide it.We hold a lot of PEM stock it would help us if we could understand the situation better with regards to the BCSC comments and implications of the making of the 43-0101 compliant.

        James

  6. On April 26, 2012 at 6:37 am,
    shep says:

    james you obviously know more than most of us about what is going on at pem and midas but for midas to say they wouldnt touch pem with a 10 ft pole is total bs, they were talking of buying pem as per your words, releiving us of our shares so where is the liability on a known prospect in a hostile t/o ? daddy always said believe none of what you here and only half of what you see and i think that applies bigtime to any company on the tsx. thanks for keeping us up to date.

  7. On April 26, 2012 at 7:32 am,
    Tom says:

    If they offer the friday deposit up for sale, with a reserve price, they will most assuredly get offers. Especially from their holders of confidentiallity agreements. The ball needs to more than just get rolling here!

    • On April 26, 2012 at 10:34 am,
      Big Al says:

      Morning Tom,

      I am sure that they will keep the ball rolling.

      Big Al

  8. On April 26, 2012 at 10:53 am,
    marwal says:

    Thanks Al for your interviews. More are requested with added time for multiple questions. It seems to me that Mike O’s responses to essentially the same 2 questions about the 2012 drilling plan were intentionally and necessarilly not set in concrete. To merely say they’ll drill some holes, do some soil samples, test the Friday’s size, etc., after a 3 month winter hiatus and being 4 full months into 2012 is perhaps because something else is pending that, if successful, could allow PEM to be more precise, and perhaps to enlarge, the 2012 drill program plan. Added to this was Mike O’s comment to your question about additional financing this year in which Mike said that further financing was partially the answer, as was something new in the way of creative financing. It was said as if something was definately being worked on that could be a 2012 drill plan game changer. Can you comment on this Al ? It sounds like PEM could get some funds from one of it’s assets or from some other source. Thanks in advance.
    marwal

  9. On April 26, 2012 at 11:16 am,
    meritmat says:

    Nothing will change here till they get rid of there upper management. These guys have drove the share price into the ground and know there out of cash to do more drilling. /sigh

  10. On April 26, 2012 at 11:29 am,
    Tom says:

    Thanks to Mr. Flanagan for your views and opinions. I am usually in agreement with most of your due diligence and appreciate your incite. However, I totally dissagree with putting Pem on care and maintenance. I am of the opinion that they need to sell Friday to give them the funds to procede with drilling Deadwood. What else can they do without diluting? Opinions appreciated. I am also wondering how Al feels about buying Pem at15 cents and it is now at 8.5 to 9 cents? The old saying is talk is cheap and actions speak louder than words. Response requested. Thanks.

    • On April 26, 2012 at 12:07 pm,
      James Flannigan says:

      I do not mean for PEM to close up shop.But we are in the worst JR bear market that even makes the Bre-X crash look like a picnic.Things will get better after the storm passes.Man make plans and God laughs.

      James

  11. On April 26, 2012 at 1:12 pm,
    Clark says:

    Well, I agree with Meritmat. PEM needs to clean house starting at the top. I can’t imagine paying that guy over $200k with the performance we’ve seen. And, how many shares have the insiders bought recently? Are they putting their money where their mouths are? They certainly can afford it.

    • On April 26, 2012 at 1:45 pm,
      James Flannigan says:

      I would never think it wise to fire a team that has found a million oz of gold in a 1km strike.Lets not confuse a poor market with incompetent management.There are mistakes made by CEOs but the good one do not repeat them.We are better with Del than with out him.If two guys were on a boat that just blew a leak and they did not like each other one could not divorce them selve from the fact that the boat will sink if the other guy will not bail.Theseare trying times for many JR gold companies.Are we going to fire the whole lot?

      If the share price was 80 cents rather than 8 cents Del would be a hero.We will get throught this period and PEM will not flame out.

      James

  12. On April 26, 2012 at 2:15 pm,
    Mark Alan says:

    To those interested…

    I would propose that you read PEM’s MD&A minutes from April 11th, 2012. You can access this report over at http://www.sedar.com.
    If you are having ANY doubts, hesitations, concerns, or hopes regarding this company, I highly recommend that you read it. Also at http://www.sedi.ca you can do a little more thorough research.

    I am not a shareholder, nor do I intend to initiate a purchase in PEM stock within the near future. This is not investment advice, only an opinion based upon individual research.

    GOOD luck.

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  13. On April 26, 2012 at 2:33 pm,
    Mark Alan says:

    To those interested…
    I would propose that you read PEM’s MD&A minutes from April 11th, 2012. You can access this report over at http://www.sedar.com.

    • On April 26, 2012 at 2:33 pm,
      Mark Alan says:

      If you are having ANY doubts, hesitations, concerns, or hopes regarding this company, I highly recommend that you read it. Also at http://www.sedi.ca you can do a little more thorough research.
      I am not a shareholder, nor do I intend to initiate a purchase in PEM stock within the near future. This is not investment advice, only an opinion based upon individual research.
      GOOD luck.

  14. On April 28, 2012 at 4:15 pm,
    Jeff says:

    Al –

    Did you hear anything back from PEM? Thank you.

  15. On August 27, 2012 at 1:19 am,
    Paul says:

    Two additional evnets!April 2-Beach Side Bingo in Myrtle Grove with host Light it up Blue for Autism Awareness’ Free items for all those wearing blue! Raffle and other prizes as well. Autism Awareness items for sale!April 16-10am, Silver Screen Theater, Pensacola-FREE showing of Temple Grandin’-Gloden Globe award winning movie