jorc ann. competition!, page-73

Lots here need to take a bit of a cold shower. It will not be anywhere near 500k oz, unless I am totally missing something. 500k oz is what the MD's goal or target was for the entire exploration programme (refer AGM presentation). It is a little unclear what he means by that, but I presume he means to the end of next year. The JORC resource on the Halley's east component is highly unlikely to be 500k oz, based on the initial drilling programme, given they are doing a JORC calaculation on a specific smallish area.

I imagine in his saying that he is hoping to prove up 500000 oz, he perhaps has a somewhat higher number really in mind...who knows. (What's the saying...under-promise, and over- deliver) This target may certainly change if we keep getting hits like we saw yesterday...ie 14m at 45g/t, including 6m at 102 g/t !! Notice he mentioned these results would provide them with a specific zone on which to concentrate so that the JORC resource can be increased when it is updated ( presumably March for the second JORC update)

The best estimates I have seen on this thread by folk who seem to have a bit of an idea, suggest it may be between 100k oz and 200k oz for the initial JORC resource. There was quite a bit of talk early on about it might be 50000 oz; so let's not get too carried away folks.

With reference to the AGM presentation, further JORC resource updates are then due in March, July/August, and November/December next year. The current 10000m drilling campaign looks to finish in January, with the updated Resource due in March. From late February to May, the next round of drilling occurs and so on. It will be a busy year for BCN at the Barlee project by the looks of things.(refer page 12 of the AGM presentation)

My short term price target is 4.5c (mid January), which would give a market cap of around $34m. Fully diluted it would give a market cap of around $42m. Given no debt, cash in the bank, some terrific early results and a well planned exploration programme in good old WA, I do not think those sort of market caps are extravagant at all. With some seriously good drilling success, we might fly past those sort of numbers. Something tells me gold is going to be strong for quite some time.

The other thought I had, is given that nice hit at BRC135, you would imagine some further holes will be going down around that vicinity wouldn't you. That western area of Halleys east looks awfully promising.

However, overall, I think this is relatively early days. I fear that the JORC may disappoint some who perhaps have not quite followed where things are at, and are a tad ahead of the game. I would counsel calm.