Assuming about 50 million shares are issued, BCD will have a mkt...

Assuming about 50 million shares are issued, BCD will have a mkt cap around $85 million I think. I would expect a reserve figure to be issued in the march quarter once the remote mining technique is proved, but I would think a conservative figure of around 250,000oz would be around the mark. BCD needs to demonsrate the continued success of this method (both in terms of consistent tonnage and grade, and safety) in order to create confidence about short-medium cashflows. It must obviously also extend mine life - initially at least by the deep drilling program in March / June quarters. BCD have said they expect the reef to steepen again at depth, and this is generally where the richer grade (20-30 g/t)ore is found.

I would think that the December quarter is likely to produce say 7-8,000 oz, with March being somewhere above 15,000oz. Cash costs? I would hope that somewhere about $600 would be achievable in the March quarter, falling to closer to $500 at full production.

BCD is a potential good trade over say six months, all things being eqaul.

angus

Angus