I wuzz wrong yesterday to state that they would delay the report...

I wuzz wrong yesterday to state that they would delay the report to late today, early Monday, but my basic premise was correct - the report would be delayed in the hope of something positive to report, in particular the dirt moving situation that has been stuffing them up.

After a very poor nights sleep my brain is only partially functional at present (not that it works to any high capacity these days), so I will only make a few brief comments, most of which have already been covered above.

1. There is hope of a turnaround via the improved dirt moving in July (2.2mt) but it still is not high enough when you consider their rated milling capacity and the waste to ore ratio. Hence they would not be achieving the 180k ounces pa we all want to see.

2. Plant throughput was a disappointment - substantially? lower than last year for the comparable quarter.

3. I did not think that the issue of sulphides would come into play in their production at this state of the mine plan. It is a concern with regard to what they will produce in the early years as we expected it was not going to be milled till much later.

4. The average grade of throughput was abysmally low - I would love to see how much of that come from mining versus the stockpiles (much of which is around the grade that went through the mill).

5. ASIC much much much lower than I and most here had anticipated - I would love to see how they calculated this versus that achieved in other quarters. I just do not believe them! Especially since the cash balance is about where some here forecast on the basis of a much higher ASIC. If I am wrong then I apologise.

6. Some good drilling results released - hope for the future and a reason to delay report until they became available?

7. Cash balance is very concerning - may need a capital injection unless MACA helps them out.

8. There should be a lot more cash coming in this half of the year because of the likely much higher production - problem is will the gold price hold up and improve or does BDR get into trouble because of a declining POG?

9. Would like to know how they hope to cope with mining conditions during the next wet - if they can not then its kaput. I think this should improve but will that be enough? Dunno.

A merger with a cashed up company would enable those who got in recently to make good their losses but for anyone holding from 50 cents plus, it might have to be the next goldie upcycle before there may be a hope of coming out square.

In some ways this is tempting me as a punt. But since I see the gold price going lower (under USD1000) and the probable continued stuff ups, I think its best to just be an on-looker.

Good luck all.

loki (dopeyhead)