Ann: STATUS OF COMPREHENSIVE PERKOA REVIEW , page-27

This is quite shocking and frankly I don't know what either Blackthorn or Glencore are playing at.

A few things that I've noticed are that from looking at the BTR 6 month chart, you can see that after the spike in SP after those world class drilling results at Kitumba, the SP sharply dropped in September... Wait, didn't this announcement just say that BTR were provided details of this Perkoa story by the project operator in September?

I can't understand why Glencore pushed BTR down the route of the "optimisation" changes, I couldn't understand why they wanted BTR to do it at the time either.

Some big questions to be answered over the next 6 weeks, but I feel that we are being let down, I'm jut not sure whether it is the BTR side of things or the Glencore side. The only real positive out of all of this from my perspective is that at least it was the new Blackthorn CEO that has discovered all of this and has compiled the report thus far, it begs the question, what were the last management doing?

People shouldn't be rushing to sell this stock just yet, I doubt that Glencore are even. We are expecting optimisation studies for Kitumba within the next 2 months based on facts rather than speculation, which could turn this thing around as soon as it drops.

I still maintain that BTR is a LT Buy. I mean the people that have sold this company to what it now is must be moronic? A market cap of $27m with $24m cash in the bank? REALLY?!?! They do own 100% rights over Mumbwa.