As was believed possible, with the recent increase in the average precious metals stocks, PEM also rose, while the metals rose nicely as well. We have been in a bad market. It has severly hurt or ruined hundreds of very small companies. So long as the average precious metals company was hurting and so long as the metals remained in a downtrend, PEM's share price did poorly as well. Then, there is the issue of all these little companies needing cash, which most could not get over the past year. So, an untold number of such companies went under because they couldn't pay their bills and claim fees. PEM is surviving as of today. It had to go into hybernation to ride out the conditions. Funding will loosen up if precious metals prices continue to go up, although a correction now would seem reasonable. As precious metals prices hopefully resume their climb, miners and explorers will slowly awaken, if their stock prices continue to rebound. John Ryan is right to not waste the most recent drill results on a market that is no mood to reward successful numbers. No one knows for sure if the meals have bottomed. We all hope they have. Are we on our start upwards to gold at 2,000+? If we are, then PEM will have time to open a mine or two to make hay while the sun is shining, providing they can get the needed funding when the time is right. That's my take on it. It is not investment advice. I could be wrong. It's just my best guess.

As an aside, my newest suspense novel, "The Promiscuous Puppeteer," is now available only through Tate Publishing (https://www.tatepublishing.com/bookstore/book.php?w=978-1-63268-175-1. However, on August 12th the book will be officially released to the traditional national and international book outlets. One chapter of the fictitious story is about Elk City, ID and about a fictitious exploration company in that general vicinity. Part of the story, vague as it is, was inspired by the events effecting us all as PEM shareholders. The overall story is about the largest gold exploration effort and discovery in the world ". . . and it all began, and the story begins, at the five thousand foot high desert location called Tonopah, Nevada."

I hope my book gets wide circulation in the mining community and results in my getting invited to one or more idustry association meetings or conventions to speak about The Promiscuous Puppeteer and Premium Exploration. My best to you all, especially those who have had to endure the last couple of years as a PEM shareholder, or most any other shareholder for that matter. Blessings to you and yours,

marwal

Thanks for the compliment Quan Gork. I agree with you. I have consistantly said that financing was always my big worry. The gold is there. The Friday is most likely economical to mine if gold is somewhere above $1,000-1,100 an ounce (maybe a bit higher). I have also been mindful of the precious metals market prices, (both the metals and the shares). In that regard QE did not have the impact the soothsayers said it would have when they said it would happen. They all have egg on their faces. Small explorers have been gutted, financially. Many are gone. Share prices plummeted for nearly all the miners too. PEM got clobbered when the selling of shares hit hard and certain events overtook the company.

Looking ahead, I still see the same concerns: the need for the precious metals market to clearly bottom and to rise nicely, and for financing. This has been, is now, and will be, my biggest concern, until we can mine and produce gold profitably. The sooner the better.

I don't know John Ryan's plans for news releases. But I suspect a nice news release with the remainder of the assay results will fall on deaf ears. It could spike the share price for a while but so long as financing and the market connditions remain worrisome, then sellers would likely cause the share price to fall once again. Announcing good news in this market could be a wasted effort except for those who would buy low now, and sell upon a good news release, and then buy again once the share price settled back down. What we really need, for confidence to remain stronger, are for prices in the market to strengthen in a clear uptrend. Then, I suspect, John Ryan would rather announce good news. That doesn't mean he wouldn't do it sooner though. Perhaps some kind of an interim (partial) news update will be forthcoming. But, I have no idea as to if or when.

Casey Research came out with an opinion this morning on whether gold has already seen it's high or whether there is a lot more to come, for those who can access the report. The whole industry is waiting for a bottom. Those who can produce precious metals at a profit are mostly doing so. Some are reportedly holding back waiting for better market prices. All in all, we, and most of the industry, are in the doldrums, a sailboat at sea without a wind.

Question: Was our President, CEO and Chairman of PEM, Mr. John Ryan, just hired as the CFO and a Director of Wexford Petroleum, in Coeur De Alene, where he resides? If so, would this be in addition to his roles with PEM? (check Linked-In) Or is this old news? Or is this inaccurate?

If accurate, I can understand Mr Ryan's need for an income at a time when PEM is pinching pennies. This would be true, especially while they keep their heads low and their powder dry, while waiting out the bottoming of the market and the opening and operation of a new mine. Anyone else have a clue and/or some insights, some well anchored hypothesis?

If accurate, I don't see it as a conflict, nor as a problem, until, and if, PEM goes operational with a new mine in a few or several months. To me, a new mine at the Friday is what many old time shareholders have been asking for, either by way of a JV, buy out, or by way of a PEM initiative. We are very close to realizing that dream, and that much closer to becoming self sufficient with positive cash flow, profits, funds for expanding mining, funds for a mine at Buffalo Gulch, possibly an interest in a new processing plant in Elk City, additional exploration of the ore rich Monday deposit, which is so very close to the Friday, and so much more.

Can PEM borrow what is needed to go ahead with opening a mine at the Friday? Maybe from the state of Idaho? Or the US SBA? (Stay away from the venture capitaists and vulchers who want a piece of the company). A straight out loan. Repayable with funds derived from the sale of gold? Is there no reasonable way to obtain the funds needed to go ahead with opening a mine now, instead of having to wait for the precious metals markets to clearly bottom so that a PP-financing can be done? I am very comfortable with John Ryan and the initiatives that have been implemented. I am comfortable with the plans for using a nearby, and/or the building of a new, processing plant. I am comfortable with what I know about the Friday and it's potential.

I am 100% behind the unfolding plan for PEM and Mr. Ryan. I hope Mr. Ryan can assure us of his personal and public intentions and plans sooner, rather than later. Naturally, we all do, while we wait out the bottoming of the precious metals prices and markets. If PEM needs someone with a pick ax and a shovel to start digging, I volunteer. (Only kidding). Hopefully PEM is acquiring some of the used equipment they will need to start tunneling. Maybe New Jersey Mining can help by lending some old equipment and a little expertese and/or staff. Hopefully such an arrangement will be a part of the Elk City old saw mill site and patended acreage sale agreement.

The sooner we start to pull gold out of the ground the better. "You have my total vote of confidence John Ryan. If anyone can do it, you can. Go for it!"

marwal

The news release yesterday said that PEM sold their old lumber mill site and 200 acres of claims to NJ Mining for little over $400,000. Further, that NJ Mining plans to build a processing plant on the site. Will they? If so, it would likely only be for PEM. Or will PEM get bought out? Or JV'd? Or, will they go it alone with NJ Mining backing them up with a processing plant at Kellog, or a new processing plant at Elk City? Either way, I suspect that NJ Mining's CEO (Del Steiner) and its Board would not have gone ahead with (approved) this purchase unless they knew whether John Ryan planned to go ahead with the new tunnel mine. That tells me that a confidential agreement could have allowed NJ Mining to see all of the last drill core assay results, that they were good, and that John Ryan has decided to open a mining operation at the Friday. But, if a processing plant is built at Elk City, does it mean that the Buffalo Gulch mine permitting process will move forward with plans to use a possible new processing facility in Elk City? I think so. And, I think it will be done with profits from the gold taken from the Friday. John Ryan has said that he would like to have a processing plant built as a part of any mine operation at the BG. Question: Might NJ Mining (a tunnel mining company) also help PEM with some initial equipment, a truck or three, maybe some expertese, a couple of people, etc? Our former CEO, Del Steiner wants a mine initiated at the Friday. He is the major PEM shareholder. He also has very significant royalty rights to the first gold to come from the Friday. NJ Mining has a lot to gain as well. I can see where all this may be going. I think we'll be in the mining business, one way or the other, before this time next year, provided PEM can remain solvent and get more funds to move forward. If PEM isn't absorbed, maybe they will want to change their corporate name to Premium Exploration and Mining.

Perhaps while waiting for gold to confirm a bottom and for the precious metals market to improve, PEM has likely completed it's previously announced drilling program. If so, then they have likely also received the assay reports for the remaining drill holes. And, further, if so, then they are likely completing a Preliminary Economic Assessment (PEA). And, if that is accurate, and if the assays were good, then John Ryan is making some preparations to initiate a mining operation at the Friday zone. All of the above seems quite likely and logical to me, but, admittedly, not absolute. If the above scenario is in progress, then I suggest we can expect an announcement when the time is right, followed by financing and the opening up of the ground for a tunnel. This is what he announced he would do if the assay results were good. Once a tunnel is opened, the gold ore will quickly begin to get processed. A positive cash flow possibility for PEM seems so very close. Now, if only the precious metals markets would cooperate to help things along.

John Ryan, as we know, recently said he hopes to start mining the Friday this year. The price of precious metals has been going down. Have they bottomed? Or, have they yet to bottom? Ryan said that he believed a mine at the Friday would be profitable at the approximate $1,000 an ounce level and, of course, higher. Might they be holding back the results of some assays until all of them are received? Might they be waiting for the POG to indicate which way it intends to go? Or, some other reason's? Does he still feel that the the Friday is worth mining, after seeing more assay results? I suspect so. I don't know when would be a best time to do a news release about the assay results. Maybe once a final decision is made as to whether to start mining the Friday? They have their reasons for whatever the strategy. Any reason I could think of is only speculation. But I suspect they will open a tunnel and that John Ryan is lining up what they will need to do so. As always, I worry about financing. But, I am not priveleged to know the details. Once aagain, here is John Ryan's last public interview. If you listen carefully, it sure sounds like he had mostly made up his mind to open a mine by this Fall or early Winter. http://www.youtube.com/watch?v=SNSHnNmdWOc