So, basically you are saying the current BoD was wrong in...

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athena

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01/02/19

11:51

Post #: 37297722
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Originally posted by Gwaihir: ↑

Disappointing to lose these tenements, and it could be costly.

PaulWeller66 raises a good point, and a very important one, that the current board should investigate.

It was my impression that BGS had identified a part of these concessions for the (potential) location of the plant and processing operations.

These locations may have had some significant advantages and cost savings for the company, in that by using some of this land for a plant and processing operations, it might have negated the requirements and substantial costs of having to move (and compensate) some villages from the area of mining operations.

If so, then the loss of these tenements is greater than many people realize, and it may be back to the PFS and the drawing board for BGS, with something of a small spanner having been thrown in the works.

The previous board have shown themselves to be both naive and incompetent in some areas, possibly due to their arrogance. It certainly shows how poor and ineffectual they were in working with African governments, and in Africa per se. In the end, they may have simply been over-confident spruikers, who were good at stripping assets from a company (mainly for their own personal benefit). They left BGS with very little cash for it to function. And the manner of their walk out was churlish, and reminiscent of a prima donna like hissy fit. Their morality should rightly be questioned.

The in-country manager was important, especially if he had good government contacts.

The one question that needs to be answered now, is how important were those tenements to BGS?
Was the processing plant going to be located there?
Will it now mean that BGS (may) have to move villages in order to locate a plant?
And what (may) be the overall additional cost in money and time to BGS?

Gw

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So, basically you are saying the current BoD was wrong in signing off that the previous management left all in good order, both in Mali and in Perth? Can't have it both ways. Perhaps go back and read all quarterly reports for the past few years to provide perspective.

BGS Price at posting: 16.5¢ Sentiment: Hold Disclosure: Held
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So, basically you are saying the current BoD was wrong in...

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