Ann: Buka sells non-core Queensland Gold Asset fo, page-2

re: Ann: Buka sells non-core Queensland Gold ... Don't know if anyone is watching this stock or not but this ann was quite a good result for the company. Reasons:

Company is capped at $6 Mil with around 71 Million shares on issue
Cash at Bank as at 30/9/09 $2.5 Mil

The company acquired various projects [including the Maryborough Basin Project which has now been sold (although they still hold a 20% free carry)] for around $1 Million!! ($250K in cash and the rest in shares, which im not sure if they have issued yet).

The maths:

Capped at $6 Mil
Cash at Bank $2.5 Mil (as at 30/9/2009).
Sale of Assets $1 Mil

Say current Cash at Bank $2.0 Mil

Company valued at $3 mil?? quite incredible really... lack of attention IMO.

This project was sold for $1 Mil... to me this shows that there is good management in BKG to get a price of $1 mil for one out of serveral projects previously purchased for $1mil.

Considering gaining an entry point in the coming week with more ann's expected about other projects.