Ann: Result of Resolutions put to the AGM, page-29

Hi G,
Contrary to what some people like to think "some shareholders get prior knowledge " It's not true in my case .
May I say that in all my dealings with management you only get information that has already been announced ( recycled news) & a reassurance that the project is progressing & things are ok.

"Straight answers" about timelines delivery dates , production etc YOU HAVE TO BE JOKING
That's exactly what you have been complaining about. That's insider trading information.
Wouldn't we all like to know & I assure you the price would not be what it is now.

Perhaps this type of investment is not for everyone.
If you concentrate your efforts on mainly looking for the negatives or reasons why it will fail you will find enough reasons why you should have invested in CBA ,RIO , BHP
It's not for everyone & not everyone finds its comfortable .

This investment is complex , in a foreign country, different culture ,different laws , involves several parties who all have to be treated with respect , dignity, & fairly.

To enlighten shareholders I draw your attention to....
The Exploration License is held by WATIC by law a Senegal company.
All dealing must go through this company.
As BSR holds 63% of the permit then on behalf of the license prepare all the necessary paperwork.
Once agreed upon it is then submitted by WATIC with BSR
Until the matter is completed this process is repeated.
Each have their own Boards.
Extremely slow process but necessary to keep harmony with all concerned.

IMO Alex has done a magnificent job understanding how the Goverment works & keeping relationships with all concerned.

Only when you understand the difficulties Alex has had to work through then maybe you will understand why things have taken this long.

A example that was given at the AGM , just to fenced the project of Makabingui the timeline to complete the job would take 6 months in Senegal compared to say 1 month in Australia. That's just a comparison only!

First make application WATIC as permit holder
Local Council inspect area
Consult local community
Assess area & check fauna & flora
Count trees that will be destroyed
Local council assessment . Each tree that is destroyed is assessed & charge.
Received assessment & pay fee before work can commence
Erecting of fence.

Should there be any disputes with the local community this can go back & forth many times.

Also bear in mind that it is very possible that some of this land may be land that the local community farms.
Not a straight forward project. Many people are involved & all have to be managed with respect & dignity.

I hope this posting gives a little insight to what management has had to confront.

This may be why the highly promising piece of land & minerals is still there.

It always the case that there is always someone who could have done it better.
There is always one.

Cheers