My take on today; 1. How "good" actually was the announcement,...

My take on today;

1. How "good" actually was the announcement, given C.I. had already estimated a 200Mt resource for Mariola with only 50% of that estimated as mineable i.e. 100Mt (I've quoted their London announcement elsewhere). How much of this JORC of 120Mt is actually mineable, and what does that do to the mine life?? We now have an exploration target of 4-12Mt over and above the 120Mt JORC, so that is a possible total tonnage which is well short of the C.I. announcement of an estimate of 200Mt.

2. The XSR Index is now back to 2003 levels, with coal and iron ore being the most hated stocks. Do new investors want to buy any resource stock these days? Do our current holders want to be in the resource sector at all anymore??

3. Current long term holders may be pissed off by the large losses generated whilst BMB was "adding value" to the Aussie and Balkans assets (2007-2013) whilst the divestment process has shown that there wasn't any value added to those assets at all (at least not until someone else spends the $40M CapEx and everything else falls into place and the mine(s) are producing years down the track). On an upfront basis, BMB actually sold those assets for less than we paid for them.

4. Current holders may not want to be in a coal stock but are in one through no decision of their own, and have so far been trapped in the stock since they are sitting on large losses and have been unable to exit due to the thin liquidity. They may look to exit at some point through necessity and would do that by selling into news like todays' because of that same thin liquidity.

5. Current holders have picked up that the BMB's only option of "blue sky", Togo, is no longer even mentioned in Investor Presentations. Balamara is a speculative stock and most investors buy speculative stocks for "blue sky" potential. Who knows whether winning the Togo tender would still provide blue sky in the current market, but it would have to be an improvement over the current state of affairs.

6. Dilution, dilution, dilution...... after promising in October 2013 that all funding would be at the project level moving forward.

One thing that I have learnt with this stock is that if the market doesn't react to an announcement, it's probably not worth reacting to in the first place, despite the hype.

With respect to BMB, the market has indeed been correct to date.