Although people think this stock is a dog and its share price has dropped by 50% in 2 weeks , it would not surprise me that this stock will back in the sub 30 cent level when they start there gold mining exploration. Yes it is a speccie but the way that the gold prices are going at the moment this stock could have a bit of upside. I am a Holder . Read last weeks announcement for yourself . comments would be appreciated.
PILBARA MINES LIMITED 2002-05-16 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ Pilbara Mines Ltd (Pilbara) plan to commence a regional exploration drilling programme at Teutonic Bore in approximately two weeks, targeting identified anomalies, prospects and areas of interpreted gold potential. The programme will consist of some 17,000 metres of drilling.
Pilbara have also recently initiated a detailed data review of all historical exploration, focusing on generating further gold targets within the project area.
In view of the current resurgence in the gold price Pilbara intend to further expand the exploration programme at Teutonic Bore to cover numerous other gold prospects on the leases. This increased exploration is being funded by the recently completed Rights Issue to shareholders.
Pilbara believe the potential for further gold resource discoveries on the project area is significant and is supported by the current gold mining operations immediately adjacent at Celtic, Tarmoola and Thunderbox (+2 million ounces).
The recent discoveries are due to systematic exploration in an area of limited prior exploration and with no surface expression of mineralisation. This belt is now considered a major mineralised. province for gold, base metals and nickel mineralisation and Pilbara propose to exploit this potential with the commencement of exploration drilling.
This exploration programme will continue in parallel with Inmet Mining (Australia) Pty Ltd (Pilbara's JV partner at Teutonic Bore), who are currently conducting a diamond drilling programme at the high grade Jaguar copper/zinc/silver discovery since January 2002. Results to date confirm Jaguar as a significant base metal discovery and delineation drilling is ongoing.