Ann: Update on Sale of Balkan Mining, page-30

Munja, I was thinking the same yesterday. Beginning the day with a $30 trade to get us down to 5.1 cents was obviously a broker dicking around with the share price.

WRT the Balkans sale, I think the fact of the matter is that the future for BMB is in Polish coal, and in this market the Balkans were never going to have the scale to move the share price. Add to that the requirement for BMB to continue spending $2M-$3M per annum in exploration expenditure just to retain ownership of the leases, and it's not hard to see why the Company was keen to move on from them now that we have the coal assets that will be better more profitable businesses in the long run.

Unfortunately for us long termers, selling the Balkans for what amounts to $275k in the here and now, makes us all feel like the last four years were a bit of a waste of time and money. It makes it that much harder to reconcile when Monty alone was independently valued at $30M (admittedly in a different market), corporate activity suggested a valuation of the Balkans at $15M, and our market cap. for the period 2010-2013 (pre the coal acquisitions was a relatively steady $20M-$30M, and IMO Bogdan and the Aussie assets weren't worth much.

Emma, I agree that the $15M was pretty much our short term light at the end of the tunnel. IMO, these coal assets will take a while to move the share price if the last year is anything to go by.

I'm surprised that so far, we have only seen two investors selling today. I'm worried about what BMB is actually worth without the Balkans assets.

Given that we haven't had too much of a massive sell-off as far as volume of transactions goes, could it be that in fact the market had placed a nil value on the Balkans assets and our current market cap. reflects our new coal assets?