bfs

The BFS was robust but not an eye opener, not a unmitigated disaster but not what I expected. Given the 25% jump in price recently, anything that was 'very good' would result in some price weakness. Robust does not equal VERY GOOD.

Obviously mining costs impacted the results significantly as I suggested they would, though I did expect to this extent.

Having said that, I have decided to hold the shares for a few reasons:

- Lae Jahe is a similar resource of 8 million tonnes, though lower grade. However will eventually add significant value to the project. The ore is primarily the same, so the same plant infrastructure and mining methods can be used (also confirmed by HER today)

- Basuki lode, alkthough different ore, will eventually prove up a big resource imo and will also add substantially to the economics of the project

- The BFS did not include 1 mill t or so of ore that was not appropriate for the feasibility becuse it is an 'assumption'. If eventually extractable from an underground position, will add substantially to economics

One compensating factor was how tightly held the stock is...this limited the large downside (it could have had the opposite effect of course if one of the big holders decided to sellout).

Oh well, looks like we'll (long termers) have to keep waiting.

Cdchi1