all quiet on the western front, page-8

From the report to shareholders:

225. Our high level assessment of the potential value of BCD if the Company goes into liquidation indicates that BCD would be required to achieve a recovery rate for its
fixed assets and exploration assets of more than 50% to cover its current liabilities. There exists uncertainty on the recovery rate for distressed assets. Further, the
liquidation process may take considerable time and will involve substantial costs. Accordingly, we consider that the liquidation scenario is not likely to be favourable to
the Shareholders.

... as the report said, "it is not fair, but it's reasonable!"

... so not much point in not voting for it, we'd likely swap some recovery for no recovery.

Valuation summary

Life Of Mine value aprox $39m low val to $77m high val,
with fairly conservative estimates on gold returns, reserves and recovery rates. This equates to between about $.017/shr and $.035/shr assuming all new loans/convertible notes are converted to shares.

.. current price probably about right. No great fortunes to be made here unless there is a lucky strike from new exploration or gold price shoots up. However, some opportunity to get a percentage return on original funds, particulalry advantageous to those who expanded holdings when the price was below .02.

New share issues from loans/notes stand to about triple their money.

... wait to see what happens in Feb?