Uktrader I don't think I miss read. Looking at history of BML,...

Uktrader

I don't think I miss read. Looking at history of BML, BML applied for Mining Licence (retention licence) in 2013 and got rejected due to incomplete PFS (if ever start one back than). Than they changed to extension licence and changed the JV agreement as well.

BML's extension licence due on 31/03/2016. The current extension licence (2 years from 1/4/2014-31/3/2016) was only a bridging licence for BML/BCL to complete all drilling, JORC defined and complete PFS BEFORE 31/03/2016. Back in 2013, BML wanted retention licence NOT an extension licence but was force to take this bridging licence to finish the work.

Now they are re-apply an extension of extension licence because they cannot finish PFS before 31/03/2016 and can't get retention licence.

BCL originally agreed on retention licence than was happy to change the agreement to extension licence. Even if BCL does NOT want to continue, once BML completed PFS BML can apply retention licence without BCL.

This is an extension of extension licence. In other words, Valinvestor is right, it is more delays and more dilution especially at 0.5c-0.6c capital raising/placement. So nothing to excite about when a school kid asking his teacher for an extension of extension homework assignment. The kid is not 20% smarter nor should sp be 20% higher in yesterday's trading.

Looks like CNN to me.