Danoff, I started buying at 34 cents and have continued to buy...

Danoff,

I started buying at 34 cents and have continued to buy all the way down to 12.5 cents.

I'm encouraged by the most recent Quarterly and intend to continue buying, results permitting.

My average entry price is now around 24 cents, I feel comfortable with this entry level as I don't think it would take that much on the part of the BDR or the Gold market to get BDR back up above my entry point.

Unfortunately, I went in too big, too early. If I had waited 3 months then I'd be sitting on twice the amount of shares I have now. I have been fairly fortunate with previous investments, in that, I've been able to get in near the bottom, however, BDR has eluded me on this count.

If I had averaged in a 60 or 70 cents then I'd feel uncomfortable, I'm comfortable with 24 cents and hopefully if the share price remains depressed then I'll get that average down a little more.

If we assume that BDR are able to move enough dirt, meet their debt repayments and perhaps even rebuild their cash position, then, I believe that a SP of around 30 cents is realistic in the short run.

If BDR were firing on all cylinders then they should be worth way more than 30 cents. It's hard to imagine this right now since the POG is depressed, however, I think this is going to reverse in a big way and at some point, for gold companies that are run well, we're going to see some ridiculously high valuations.

I could be wrong though....

Cheers
Ivan