Smity - unfortunately DFS is Q1 2012. This was according to my...

Smity - unfortunately DFS is Q1 2012. This was according to my understanding when I last spoke to the company (@28-30c) so dont hold your breath waiting on that. It seems to be a very slippery milestone. I recall old preso's done that would indicate we should be commissioning a mine about now.

You could well be right about that 20c bottom. If that broke it might have been all over so to speak. One of those psychological barriers, much like 30c was.

I'm very interested in the macro picture at the moment, and the XJO has been looking a bit unhealthy until today... even then it still feels like it could be a short term bear market rally. I've been waiting for a bit of a sign that the bloodshed might be stopping but havent really seen it yet for sure, and the U price is slowly going the wrong way.

Importantly, I notice we still have not seen any directors buying.

I read a fantastic article on marketwatch today (http://www.marketwatch.com/story/the-real-story-behind-the-market-boom-2011-06-29) that really drove home the message I was getting at a couple of weeks ago.

The thing with company directors is you have to watch what they do, not what they say.

BMN directors have been saying we're a great buy, massively undervalued etc and doing the rounds to brokers to drum up support. Fair enough, understandable arguments, our EV/lb is screaming buy.

When pressured on demonstrating commitment to the company, or backing up those words with buying they have come up empty handed. PDN on the other hand have bought several times recently.

BMN directors have not been buying shares to back up the talk.

They know more about the company than I do, but they aren't buying shares at 20c each.

Why?

I was told something along the lines of they dont want to buy more shares for various reasons, that, when you read between the lines, come down to the fact that buying now could still result in losses.

For now, I am still out.

p.s.

If this carries into september/october they may be issuing themselves with millions of options @ 10-20c strike price to re-adjust their compensation. The dilution from that alone could be fairly significant.