copper and gold everywhere, page-14

It's encouraging that the SP is flirting with the 10c level again, however this is probably in anticipation of an announcement from BHP concerning their ongoing drilling program. I understand that they haven't yet fully evaluated the 2010 program but the results that have been released to date don't look terribly exciting. The SP risk to the downside if they don't proceed is substantial, conversely, if they decide there's enough to justify a further outlay then we should get a good bump upwards. The next few weeks are going to be very interesting.
As far as Eloise is concerned, FMR are the operators and also hold 8% of BRW. It's obviously in their interests to see a good proportion of BRW's exploration spend being made in the areas adjacent to Eloise that aren't part of BHP's remit. They did underwrite the SPP and took up their full allocation which is all positive.
On the other hand, Norilsk didn't take up their allocation from either the latest SPP or the previous one so I guess that says something about the Nickel prospectivity in the areas they've been targeting in the past.