mike young prepares for post bci, page-29

Hi Greg,

I have a feeling I'm about to loss any remaining respect some may have for me on this forum with this post.

I admit it doesn't look good in some aspects. We don't know if BCI shareholders have been sold out by our management. That will come with time. The danger for management are issues such as what is at Shaw River? If there's a perception at a later date that management knew that good grades of IO were present at Shaw, but kept that to themselves for the benefit of someone, then that could be of concern. But we won't find that out until later. What if Shaw infact turns out to be a dud? We could be singing Mike's praises for selling out because, of the three CID's, only one was any good.

There's a couple of things that have become emotive here.

The first thing was the timing. I mean to be having to sell just when we were on the cusp of production is disappointing. The only thought I can give you is why not consider investing in Regent. (On the proviso that the bid is accepted). They are the new BCI. If you wish to follow the story then Regent could give you what you are after. Near record exchange.

The second is, and maybe I should speak for myself. In our/my mundane world BCI was something special. The future of BCI was something to look forward to. To watch the SP go higher and higher was something great. But who was responsible for that leap? Without doubt the brakes were taken off the SP about a year ago when Regent and Consolidated started aquiring BCI stock, whilst trying to not blow the SP sky high. So in some respects the BCI bidding war has already occured. We just weren't aware of it.

The SP was pushed way above the moving average. So much so that BCI's SP over took AGO's SP. But we never did question why. I'd say that it was due to the two parties trying to obtain as many shares as possible. Let me put it this way: what would have been the SP if Regent and Consolidated Minerals weren't trying to buy as much stock as possible? $2.50? I here you laugh. But compare the moving averages of different stocks and that's what it should have been. I know that we were close to production. And some may have thought that the SP surge was due to this factor. And to some degree I'd agree with you. But the main factor by a country mile has been the fact that Consolidated and Regent have been at war behind the scenes as to who'll control BCI for some time now. We just didn't know it. Or we just haven't acknowledged it.

The recently posted Investec report knew full well about the Regent bid, but still placed BCI's target at $3.35. That report had some pretty realistic figures in it. But I suspect that report was shrugged off. Why shrug off a professional report? Didn't anyone believe the report? Some may have but ... and I'm going around in circles here. That report to many wasn't the key issue. To many, they're disappointed that they can't be part of BCI's future. Fair enough. But consider that if the price was $2.50 (as I suspect it would have been if it wasn't for the big buying) there would have been less resistance to the $3.30 bid. The insult come for many, in the 4% premium offered. But maybe we are forgetting what caused the SP to go into a trading halt at $3.17 in the first place.

Just a different point of view.