remember savanna

Newcomers to BON may care to read the company's announcement of 4th August 2008 concerning the mining of gravels in Namibia's paleochannels.

Diamonds that sold for US$870,599 came from a "relatively small quantity of processed gravel during the recently completed trial mining period." In August, work on upgrading the mine was taking place. The company expected to resume production this October.

These diamonds were not of chicken-feed size. One individual diamond sold for US$425,000.

As I read the Appendix 5B for the September quarter, BON is cashflow positive in spite of the money it has put into exploration and evaluation of its major play - offshore phosphate leases in Namibia and Peru. It had $4.1 million cash in the bank.

The company is capitalised at $8 million - yes, $8 million.