The announcement reads to me that RMB are running the show now as the secured creditor. The comments that "Stage 1 mine and processing plan provides an opportunity to accelerate its secured and unsecured creditor obligations" indicate that RMB have taken control of cashflow. Stage 2 will probably only happen if Stage 1 results are solid against our latest, latest,revised (hopeful) budget. I am sure that RMB are now moving on exiting their position asap. The announcement doesn't even cover whether we are in breach of our RMB covenants, which I am sure we would be.
I see we are still chasing targetted lead recoveries - hardly confidence building stuff at this stage is it?
Seamay like you I struggle to identify potential sales aside from tailings or the plant.
A prvious poster used the term sugar coated to describe Bass announcements. I can now certainly identify with the use of that term. Today's announcement didn't even cover the reduction in emloyee levels reported earlier on HC from the local newspapers.
As an aside I can only guess that Barry Sullivan who joined the Bass board in early January probably wishes he had never heard of Bass Metals although his background at MIM may help us realise some value from our tailings project.
Gemboy
BSM Price at posting:
8.3¢ Sentiment: None Disclosure: Held
