Ann: Quarterly Activities Report, page-25

Mine life extensions seem to be a given but I do not think there will be any concrete data for a while. The board is best in class without a doubt but BDM is the only diamond mining company with shares down almost 50% in last 4 months.

Distribution/sales seems to be their weakness and it will be interesting to see how they overcome the current bear market. Inventory remains high and the QAR does not seem to address this which means the company is exposed to the continued diamond price declines. No other minor diamond mining company holds this much inventory so the strategy is strange.

The long term future is bright if the management does not underestimate the short term economic environment.