Ann: Quarterly Activities Report , page-18

Anthonymcc,

You stated:
"5 million should last BLR a few years."

IMO, a few years is assuming that BLR continues at the same pace that it has over the last few years. Shareholders should hope that this is not the case at all.

The main reason that BLR has been able to keep their expenditure down to a minimum (under $800k in the last quarter) is because they have kept their drilling to a minimum. This is appropriate because it is perfectly acceptable to use inferred JORC resources in a PFS and BLR has already proven a large enough inferred and indicated resource to initiate a PFS.

If the PFS does turn out to be positive when it is released in a few months, BLR will then need to carry out a lot more drilling activity to convert their inferred resources to the indicated category in order to be used in a Definitive Feasibility Study (DFS) and this is where it starts getting expensive.

So IMO, $5million is unlikely to last BLR a few years if things go according to plan.