PRMO (PROM RESOURCES) 0002 Cents
Current Price .0003
Bid .0002
Ask .0003
Financials out 2 days ago NOV 28 2010
PROM RESOURCES
Gold Inventory
$12,315,872(as of 06/30/2010) at the lower cost
$12,315,872(as of 06/30/2010) at the lower cost
http://www.otcmarkets.com/
Gold Sales
For 2010, sales were $6,172,876, which generated a net profit of $2,309,938.
For 2009, sales were $3,027,000, which generated a gross margin of $489,631.
For 2008, sales were $1,250,000, which generated a a gross margin of $951,225.
Gold Sales
For 2010, sales were $6,172,876, which generated a net profit of $2,309,938.
For 2009, sales were $3,027,000, which generated a gross margin of $489,631.
For 2008, sales were $1,250,000, which generated a a gross margin of $951,225.
Inventory
On Oct. 17, 2008 the company had gross sale of USD $1,927,000
On Oct. 17, 2008 the company had gross sale of USD $1,927,000
On Nov. 12, 2008 the company had gross sale of USD $816,000
On June 1, 2009 the company sold off certain perimeters in Madagascar for $384,000
As of June 30, 2009 the company has operations in Ghana and Madagascar has secured 6,100Kg of Gold Bearing Material having a significant amount of gold
Annual Reports
2010: http://www.otcmarkets.com/
2010: http://www.otcmarkets.com/
Company History
Prom Resources, Inc. which was formerly known as American Benefits Group, Inc., Lifeline Benefits Group, Inc. and Living Benefits Group, Inc., was incorporated on February 26, 1996, in the state of Florida. The company was involved in the business of viatical settlements. EffectiveJuly 1997, the company ceased its business operations in viatical settlements, liquidated all assets and paid all liabilities. In September 1997, the company was acquired by new shareholders and the company is now in the business of exploring and sampling mining perimeters for mineable material in the Republic of Madagascar and the Republic of Ghana.
Prom Resources, Inc. which was formerly known as American Benefits Group, Inc., Lifeline Benefits Group, Inc. and Living Benefits Group, Inc., was incorporated on February 26, 1996, in the state of Florida. The company was involved in the business of viatical settlements. EffectiveJuly 1997, the company ceased its business operations in viatical settlements, liquidated all assets and paid all liabilities. In September 1997, the company was acquired by new shareholders and the company is now in the business of exploring and sampling mining perimeters for mineable material in the Republic of Madagascar and the Republic of Ghana.
In september 2002 Mr. Dror Moradov was elected President and Chief Exeucutive Officer of the company. Under his leadership the company divested all of its subsidiary businesses and focused only on the or further economic viability of exploring and extractions of mineable material in the Republic of Madagascar and the Republic of Ghana
In October of 2006 the company began to secure additional perimeters in the Republic of Madagascar.
As of September 30, 2007 the Company has secured the mining rights in the Republic of Ghana
In January 27th 2009 the company elected Mr. Shyam H. Vasnani as director and Chief Operating Officer. On February 15th he was also appointed as Chief Financial Officer Assets
Prom Resources endeavors to maintain and support its operations through the development of a strong asset base from its Madagascar mining perimeters. Prom Resources' corundum exploration takes place in northern and southern perimeters of Madagascar, the world's fourth largest island, which is located approximately 400 kilometers off the East Coast of Africa. Prom Resources has acquired major interests in well-established and official Malagasy companies, which have corundum concessions in the north and south of the island.
Projects
Ambohilovolovo Property
Ambohilovolovo Property
The company's 80 Gold /Ore Perimeters in the Antananarivo province in the area of Ambohilovolovo has shown potential for significant gold prospects. The initial grab samples taken from these properties that were sent to the refinery yielded as follows:
Wgt. In (gms) --- 8.93
Used (gms) --- 0.04
Wgt. Ret (gms) --- 8.53
% Au (%) --- 91.30
Much of the work to date on the Ambohilovolovo property has focused on Gold/Ore Grab samples and assays. Mr. Gino Rasamison has begun to evaluate the property and looks to begin a Feasibility Study and program. The prospect is comprised of a linear, gold bearing quartz stockwork exposed along the southern flank of a trending ridge. This zone appears to be parallel to the trend of the ridge and is bisected by a narrow north-south river valley.
Used (gms) --- 0.04
Wgt. Ret (gms) --- 8.53
% Au (%) --- 91.30
Much of the work to date on the Ambohilovolovo property has focused on Gold/Ore Grab samples and assays. Mr. Gino Rasamison has begun to evaluate the property and looks to begin a Feasibility Study and program. The prospect is comprised of a linear, gold bearing quartz stockwork exposed along the southern flank of a trending ridge. This zone appears to be parallel to the trend of the ridge and is bisected by a narrow north-south river valley.
The company will continue to ship and process its grab samples and hopes to use the proceeds from these shipments to fund further exploration.
Ankavandra Property
Prom has acquired extensive land holdings with potential for significant gold prospects. The company currently holds approximately 48 Gold /Ore Perimeters of permits in in the Toliara province in the area Ankavandra. These target areas are considered primary targets for the company, and an initial exploration and sampling program is planed for the 2Q of 08.
At this time most of our efforts are directed to the collection of gold bearing mined material from artesianal labor. The Company's planned second phase will follow the same path of low investment high return pattern that will allow operations to support future growth.
At the first phase a small, one ton per hour washing plant (shake table) will be used to separate the tested ore dug in pits that will be 3m deep at first and spaced 100m apart on a grid. Manual hand drilling of 2m at the bottom of each pit will define if to extend the pit depth to 5m. In areas where positive mineralization will be detected the pitting will be zoomed in to 50m apart spacing.
Ilaka-Sakaraha Property
The Company has secured 64 Corundum perimeters in the Toliara province in the area of Ilaka-Sakaraha. This area is well know for alluvial corundum. Currently the company allows local villagers to hand cob the perimeters and then purchase this material from them at an expectable cost. This process has proven to be economical to date, due to the following reasons
Current workers have limited resources to dig down past 6 feet
Material is average grade and can be sold for a high profit
Current mining laws allow for locals to inhabit this area
http://www.maplandia.com/
Material is average grade and can be sold for a high profit
Current mining laws allow for locals to inhabit this area
http://www.maplandia.com/
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