Ann: March 2011 Quarterly Activity and Appendix 5, page-19

re: Ann: March 2011 Quarterly Activity and Ap... FeralM

You wrote

"I do recall the country manager telling people at a lunch in Melbourne he thought it was a "5 to 10M oz deposit"....I was there and heard it with my own ears. That was 2 years ago."

Now I understand why this share reached 42 cents on what seemed to me as having no basis. I would have bought around that level had I heard the same. Instead I averaged in at 28 cents in the belief that the smoke signals I had received from somebody supposedly in the know had some basis.

Your posts are sounding a lot more realistic.

I hold a handful of BSR and BSRO for fun, and accepted my loss of 10 cents/share.

More cheap cap raisings without a doubt to come here.

One of the curiosities is the high variability in grade from the various pits, but here and just across the border in PIR's Mali deposits. Do you think this is a co-incidence? I sold my PIROA's last week after the grade downgrade, but in that case I actually made a gain because I was into PIR early in its run. I have a feeling that most goldies will keep falling in price over the next 2 months with explorers getting a hiding, including the west African explorers now beginning to lose their afterglow from the Red Back Mining takeover premium and the instability in the region.

Here is a good article on sovereign risk in Africa that fluffynymph posted today
http://www.miningnews.net/storyview.asp?StoryID=2390907

One more thing about BSR. I did not have a good feeling after talking with its company secretary last year (I think that is who I spoke with). Just a gut instinct that these guys in the Melbourne office were clueless, over-staffed and drawing a salary for no good reason.

Good luck, and thanks again for the research you shared on ADU.

loki