Assays pending...As of 1 week ago they had 17,000m drilled with 4 drills turning.
FYI... They have only released about 5,000m of this 17,000m... i.e. 12,000m pending as of last week.
They are going to drill a total of 45,000m this summer... and again they have only released about 5,000m of this.
IMO there will be assays/releases that will soak up many of these shares. It's a reality of this business... you have to drill and to drill you need money and to get money you need to issue shares. Sure some will be sold along the way but that is normal. Some won't be sold. These guys are building on a 2M oz Au deposit and all indications point to a growing deposit. The 5,000m released to date and re-assays would likely increase the size here. Once the dust has settled PDG-v will likely still have more than $30M ($40M before present drill program) in the bank and a 3-4-5M oz Au deposit. That's all that matters.
P.S. The terms of the PPs are improving... previous PP was done at a premium to market price and this PP was done without any warrants attached. These are good signs.
red911
Prodigy Gold doubles Magino drilling to 45,000 metres
2011-05-19 11:13 NT - News Release
Mr. Brian Maher reports
PRODIGY DOUBLES IN-FILL DRILLING PROGRAM AT MAGINO TO MORE THAN 40,000 METRES
Prodigy Gold Inc. isdoubling the scope of its continuing infill and resource expansiondrilling program to a total of 45,000 metres at its 100-per-cent-owned Maginomine gold project in Ontario. Results to date have been very encouragingas all targets defined during the analysis of the Magino block modelhave been successfully tested. These results have defined new targetsfor resource expansion, prompting the expansion of the scope of thedrilling program. Four drill rigs are currently operating on theproperty with approximately 17,000 metres of drilling completed to date.Drill holes will be prioritized so that those holes which have thebiggest potential impact on the block model and gold resource aredrilled first.
The Magino mine gold project's preliminary economic assessment has beenposted on SEDAR and is also available on the company's website.
All scientific and technical information for the Magino projecthas beenreviewed and approved by Tom Pollock, PGeo, Prodigy Gold'svice-president of exploration, who is a qualified person under thedefinitionsestablished by National Instrument 43-101. Drill core at Magino isboxed, covered and sealed at the drill rig and moved to theProdigylogging and sample preparation facilities by Prodigy Goldpersonnel. Thecore is then split down the centre using a typical table-fedcircularrock saw normally at one-metre intervals. One-half of the core issentfor assay to ALS Chemex, 2090 Riverside Dr., Timmins, Ont., P4R0A2, whilethe other half is returned to the core box and stored at Prodigy'ssampling facility in a secure, fenced-off area. Prodigy QA/QC(quality assurance/quality control) procedures include the regularuse of blanks, standards and duplicatesamples in addition to sending 10 per cent of the samples off to asecond labfor check assays. Samples assaying greater than 3.0 grams pertonne gold are automaticallyreassayed by the metallic screen method. Gold assays greater than40gpt are capped at 40 gpt when calculating composite intervals indrillholes. Drill holes are directed as much as possible perpendicularto thestrike and dip of the mineralization at Magino. As a roughestimate, thetrue thickness of the above intercepts is approximately 76 percent.
We seek Safe Harbor.