AGM - next Monday, page-7

As most are doubtless aware BCL recently paid USD 337m for reserves grading 0.32% Ni and 0.13% Cu, and another 0.19% Ni quite a distance from current ops.

The company mines (over a kilometer down) from 2011 year' reserves' (now reduced by last 4 years output) between 0.45% and 1.02% Ni, averaging in 2011 0.61% from 5 lodes, two of which were small (relative to the other three).

The three larger had 'reserves' of 48.6 mt.

Of the five lodes' total of 54.5 mt the above 48.6 graded 0.7%, or less, and 40% of the 48.6 mt graded 0.45%. (These figures are Ni, not Ni equivalent and as there be two sides to every coin, they do have good copper.(BCL home page.) However this is offset by the fact the BCL operation has problems....'Depth of operations' was already problematic in 1999. In that year BCL was 'one of the highest cost producers of nickel in the world.....'.(MBENDI)
"Some 3.5 Mt of ore grading 0.62% Nickel and 0.71% copper is produced per year.....". (see MBENDI Information Services, Nickel and Cobalt mining in Botswana, overview).

Note BCL use the same nickel equivalent (NiE) cut off grade as does the JORC for BML, i.e. 0.3%.

So per se there is nothing wrong with 0.7% Ni. or plus 1% NiE. Volume and commodity price will be the determinants.

Many reporting companies try to draw geological comparisons between features of their area of interest and another .....without implying the have the same deposit. It's potential they are pointing to, nothing else. And as far as I go I do not write my opinions and take the liberty of boring people with them...I deal only in facts.

Have a nice day all.