Here’s a bit of a summary of the annual report:- We have made...

Here’s a bit of a summary of the annual report:-

We have made solid progress during the year with the identification of a series of high potential targets across our holdings, and the recent completion of an RC drilling programme at Pevkos (Black Pine Project area) and Mala (Vrechia Project area) to verify historic results and test the extension of known mineralisation. While we await the return of assays for the (1) Mala programme which intersected massive sulphides in all 13 holes, the (2) Pevkos results confirmed a very high grade nickel-copper-cobalt-gold zone in the western lode adjacent to historic adit assays which returned similar results, which was very pleasing.

We also received the (3) grant of our licence application over the historic Kalavassos mining area which is highly prospective for copper-gold throughout the area, and which we understand from historic records still contains over 2 million tonnes of massive sulphide material of unknown copper-zinc-gold-silver grade in the area of previous workings. These areas, together with other (4) prospective targets in the Kambia area, provide a solid foundation to continue our exploration programme during the coming financial year.

We also continued to actively identify and evaluate new resource opportunities for the Company with the potential to create value for Shareholders and complement our existing activities.

(5) Recent work by BMG has also revealed the potential for very high-grade nickel-copper-cobalt-gold sulphide mineralisation within the ultramafic part of the Troodos Mountains. BMG has 15 granted exploration and reconnaissance licences covering c.122 km2 which are highly prospective for these deposits, including tenure over numerous abandoned copper mines and known prospects.

On the 24th of September 2014, BMG announced the acquisition of a low cost, 12 month option over a 90% interest in the Harts Range project. (6) Harts Range is a mature project with a JORC resource of 89.3 million tonnes of heavy mineral sands and a feasibility study completed in 2006. The Harts Range project provides BMG with a low cost, low risk entry into an advanced development project with strong potential for near term production and commercialization.

(7) With our projects being in the exploration phase and our activities centred on exploration activities, the Company posted an operating loss of $841,065.

(8) Our cash position at 30 June 2014 was $696,944. [I previously posted on 29/8 that their projected cash outflows for the following quarter ie. Jul-Sept was listed as $280,000 (itemised as Exploration and evaluation; Development, Production and Administration). By my count that should still leave BMG with around $417,000 at end of Sept 2014]

(9) Transcontinental Group, one of BMG’s major Shareholders and the provider of company administration and management support services to BMG, has provided a letter of financial support to the Company for the forecast period.

(10) Market cap is now under $2 million!

Current share price looks ugly. Liked it much better when it was 1.0cps. There’s been a strong pattern over the last few months of huge selling on news for a lot of speccies. Also some punters are concerned about the company’s financial position which is a fair call given they’ve got about $417,000 left in the kitty however they have received a strong vote of confidence and support from Transcontinental Group. Good luck guys, M1