Ann: Director Resignation, page-48

Gents, yes they are struggling atm for all the reasons described in the qtrly. Yes, their debt position is less than ideal and they have had logistical and operational problems and I do believe it'll be 3 - 6 months before the can confidently claim to be out of the woods. The new CEO has them moving in the right direction.

The two director resignations aren't related. GH was struggling with the pressures of a business that was in the early stages of production and made a personal decision, independent of ML's decision. ML simply has bigger fish to fry - he's been using a proxy at the board and can't spend the time and energy now obviously needed at BCB. It's that simple really.

GH's decision was not recieved well by the board and they would have preferred a more managed exit, but they can't force him. Aside from the optics, it's a good thing he's moved on. They can now get another seasoned player onto the board, as they'll need it.

My personal imporession is that none of this was orchestrated.

The business is in a weak position and there's a good chance someone will make a play for it. But, they'd have to weigh up the costs associated with getting the operation back on track. It may be cheap at todays SP, but it's also going to cost money to shore up the debt position and sort out the operation. So, takeover is not a given, but may well happen.

NJ has his reputation at stake, something he'll be keenly aware of. If he stuffs this up, he's got his other mining ventures to think about, because the fallout will affect his ability to attract capital. He's a very smart operator. From my observations, the only thing he likes more than his reputation is money. These guys have a lot of money tied up in BCB - an illiquid asset atm. If they agree to a takeover, then they potentially realise all of that cash. Very tempting I would think.

So, nothing's clear and it's frustrating and unnerving. But trying to predict is pointless. The qtrly was the medicine the company needed to fix their lack of transpency, and it's been a bitter pill. But, there we have it, we now know what's going on, at least from a busines sperspective. Corporately and politically, it's still an unknown.