Pan Pacific Aggregates has proved up the aggregate deposit in the northern half of the Sechelt peninsula, near Vancouver, ahead of the full quarry permit application it intends to submit in April. Its drilling campaign has demonstrated there is sufficient quantity and quality of mineral for commercial quarrying – as expected. Once a quarrying permit has been granted, PPA will be able to bring in partners and push the button on developing the resource. The shares enjoyed a good run in the wake of my March recommendation (at 66.5p) but have since slid back to 33.5p. With further announcements likely over the coming months, this is not the time to sell. Hold.

Pan Pacific Aggregates	AIM	£1.64m	0.57p	0.00p
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Other company articles:
PPA perseveres			02/10/2008
PPA back to AIM			29/09/2008
Crisis hits PPA			29/08/2008
Pan Pacific Aggregates			08/07/2008
PPA builds for recovery			20/06/2008