Hi Sleeping Giant Mate I read with disapointment your spray...

Hi Sleeping Giant
Mate I read with disapointment your spray yesterday and sadly it has continued today. I have read through it carefully looking for some sign of hard facts that this project will fail but all that I see is an emotional out pouring as to how this project has not met your expectations.

First some background I have been in BDC since the early Spitfire days and hold over 8m shares. Yesterday when your outpouring began I was in a loss making position to the tune of $82,000. So it is fair to say after nearly 4 years it has not met my expectation either. However I think 4 years ago we had two open pits and about 350,000 ounces.

Today we have well over 3,000,000 ounces a PFS, DFS and a FID in the next 4-5 months. I would call that significant progress towards an operating mine.

Our project with about 18 separate deposits at first glance seems to be very complicated. Dig a bit deeper and your will see that there are 3 deposits that account for about 82% or 2.544m of the total ounces. The remaining satellite deposits can be easily accessed in the future when cioditions, gold price are favourable. I think these small deposits will go to accessed when the time is right and provide considerable flexiblity to mine planning.

So we have around 2.7m ounces in the 3 main deposits. That simplifies the number of deposits considerably plus Excelsior & Zoroastrian and are only about 200m apart so in geological terms they are one and the same deposit. So now we have two deposits.

The original PFS and DFS identified that the best return was to be obtained by locating the plant at the Zoro/Exelesior deposit which is also closer to Kalgoorlie. With drilling continuing since the original studies were completed there is now a decision to be taken as to whether or not the processing should be located at the Aphrodite deposit which for the record is the largest and highest grade deposit in our resource and reserve.

This is an unusual move but then I would always support a decision to change the location if it lead to a better financial outcome. The final result will be known once this study is completed. At worst this will delay the FID by 2 to 3 months which in the life of a mine is very little time and to be applauded if it leads to a better outcome. A forecast higher profit in the revised plan may lead to more attractive lending costs.

Clearly no egos in this process just an ambition to get the best financial return for shareholders.

So Sleeping Giant I am very pleased that your sell down is into a stronger BDC SP. I hope you get out at or above your entry price. I dont like to see any LT investor lose on their investment.

PS my book loss is now much less than half it was yesterday as the market is clearly happy with the new direction being taken by BDC.

Cheers W2