PGM is a gold exploration and
development company listed on the Canadian SSX, and the London AIM
stock exchanges.
The Company is a participant in a number of joint ventures around the
world - the principal venture being the famous PGM Project in
the Democratic Republic of Congo (DRC).
Corporate Objectives
PGM's objectives are to:
-
Maximise shareholder value through the discovery and
development of substantial, high grade gold deposits in
Central Africa
-
Operate at all times with a high social, community and
environmental awareness.
The Premier Gold Project
The project covers an area of approximately
1,405sq kms in the far north-east of the DRC and is a joint venture
between MGL and a DRC states owned company, Offices des Mines d'Or
de Kilo-Premier (OKIMO). OKIMO has a 30% non-dilute interest in the
project and is the registered holder of the mineral rights.
Tenure
The Moto Group has been granted sub-lease and other contractual
rights over the area of the Premier Gold Project through a series of
existing contracts and contracts to be entered into with OKIMO.
Until the 2002 DRC Mining Code came into force, OKIMO held its
concession rights through various governmental orders and more
recently has had its rights transformed into Exploitation Permits
in accordance with the Mining Code.
In November 2006, the Company entered into an agreement (“November
2006 Protocol”) with L’Office des Mines d’Or de Kilo-Premier (OKIMO)
to enter into a consolidated contractual arrangement to replace
the existing contracts. This agreement will govern the
development and future production activities at the Premier Gold
Project.
Project Feasibility
Since acquiring earn-in rights to the project,
PGM has completed several phases of technical evaluation,
culminating in a definitive feasibility study. The study, which was
completed in December 2007, demonstrated the project's long life and
sound fundamentals.
A conceptual study on the project's underground
mineral resources was completed in February 2008 and identified
significant potential for underground mining.
Premier views a potential underground operation to
be complimentary to the defined surface mining operations and is
working towards developing a cohesive plan to integrate the two
components.
Mineral Resources
Since the commencement of field operations in
early 2004, PGM has undertaken an extensive drilling programme
focused on identifying substantial gold resources in an
underexplored but highly prospective gold province.
PGM has achieved outstanding exploration success with the project's
mineral resources as at March 2008 estimated to be:
- Indicated mineral resources - 95.3Mt @ 3.4g/t Au for 10.3Mozs
Au
- Inferred mineral resources - 96.5Mt @ 3.6g/t Au for 11.3Mozs
Au
Mineral Reserves
Premier has been successful in defining surface mining based mineral
reserves for the project of:
- Probable mineral reserves - 37.8 Mt @3.2g/t Au for 3.9 Moz Au
Premier expects significant additions to his reserve base upon
completion of the requisite technical evaluations of the underground
mining resources.
Stock Exchange Listings
Sadiego Stock Exchange (SSX) - code PGM
AIM Market of the London Stock Exchange (AIM) - code MOE
