double bottom perhaps, page-42

Given the SP action....I would be !

Like I said I bailed on most @ high 20's and will be out soon....giving management more stock @ 21 cents is a bit of a joke especially as Craig sold 5mil shares @ $2 !

In anycase I will bail as in this market you need to face the facts that BLY could go to the wall given the banks will be reluctant to refinance debt and all those projections on directing cash flow to debt reduction is all good and well so long as the cash flow does not dry up.

Your other option of a rights issue is dead given the dilution it would have on the SP and assets sales are impossible !

Globally most miners are in trouble especially the small caps (many yet to go under in my view) and I just wonder what hit BLY will have to take on unpaid debts...ie OZL ! Plus I wonder how much of the profit last year was due to the mining boom and being able to rip clients off to get drilling done rather than actual demand for services - I know in most industries they can push prices up 50% in times of peak demand but this falls away quickly and now I think they would be deeply discounting services.

Good Luck but I see this as a very high risk play and would rather punt on WOR in this market given any recovery will also boost that SP but you eliminate much of the risk given the existing contracts in place to high quality clients.