Premier Gold Resources

http://premiergoldresources.com/ TICKER: PGR     EXCHANGE: AIM

Premier Gold Resources is exploring and developing gold projects in Central Asia with a focus on Kyrgyzstan. The current project in the Cholokkaindy licence area is undergoing extensive exploration and analysis

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'Option money' for gold prospect
Published: Dec 12 2012

Premier Gold Resources is exploring and developing gold projects in Central Asia with a focus on Kyrgyzstan. The current project in the Cholokkaindy licence area is undergoing extensive exploration and analysis.
Capitalised on full dilution at £4.5m, Premier in our view represents only 'option money' relative to a very promising gold prospect.
The recently announced placing to raise £1.2m gross brings on board a new 25% shareholder in Lanstead, and funds immediate drilling requirements. The issue price of 0.4p per share was fixed at a premium to the market price at the time.
Drilling will begin early in 2013 and we expect progressive reports to lead to ongoing de-risking of the project. A new Competent Person's Report is expected in Q4 2013, with a maiden JORC Inferred resource. This could be higher than our current assumed resource of 450,000/oz Au.
Even applying a 40% risk discount to our fair value estimate of 2.50p per share, we set a current fair value of 1.00p which is well over double the present 0.41p share price.

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