btr is go., page-13

- Mav - This is no one trick pony.

It's also not far off either.
Currently it's a one trick pony, with two friends who might be able to perform.
The friends currently consume time and money, in hope, that they become performers.
My guess was BHP would walk and they have.
If we can keep drilling using someone else's money, great.

-The rabbits are in the hat but Africa is not an easy place to do business so the market isn't attributing much value to the potential at the moment.

Firstly, there is Africa and there is Africa.
Burkin Faso is one of the best addresses to have in Africa.
Their location is more a pro than a con.
The market is simply cautious and sees a one near term production asset, two exploration assets and values accordingly.

- Glencore have been ut in the bag for first crack at Mumbwa if BHP walk and BTR can then negotiate for more of the project. BHP walked from equinox minerals and look what that has become.

It's fair to say the world's biggest miner knows plenty about mining.
They have about 20 Billion reasons to back that up, being earnings dollars.
IMO BHP have given up too early, however they are at a stage where they had to make a call and stump up some hurt money. Call made, rightly or wrongly.
You can have commercial operations that don't suit BHP investment criteria and having them walk isn't really a surprise, nor a poor outcome.

I would love BHP to walk and BTR to negotiate a bigger slice of the action in a JV with the fourth largest miner in the world instead. It will be an interesting few weeks ahead.
- You have your wish. I'd like to see us using Glencore's cash to drill, not our own. Smaller slice of a bigger cake with less risk would suit me fine.

Rock,
What valuation do you place on BTR and each of the assets?
I've provided some rough figures for perkoa, maybe you can do the same for the exploration assets.
Mav