positive placement, page-10

Absa Fron12,

You are being too harsh on them... This company managed to squeeze out profits and bottom pick a mill during the worst financial crisis in decades. They are very frugal and prudent business operators.

The "problem" is these guys do not focus on building a "Stock market" friendly company. They never have, never will. Mike and Don focus on the business and they operate with a much longer term focus.

If they are in such "trouble" why the heck would they have been approved a $7M lending facility. If anyone would have had a good look at the books(and project), it would have been RMB.

Money doesn't just appear when you stick a shovel in the ground... Takes a few months to get trucks loaded, ships sailing and cheques cleared.

I HATE capital raisings with a passion, but I get it. BSM has a lot of options available to them, sooner we get moving the sooner they come to fruition. We either wait 6-12 months for home-brew $10M then ramp up exploration and PFS or we build some cash via markets and get moving asap.

My 2c.