BSG--Bolnisi Gold.
Bigchart:
http://bigcharts.marketwatch.com/javachart/javachart.asp?symb=au%3Absg&time=&freq=
Website: http://www1.bolnisigold.com.au/
Exploration and Mining:
Georgia. Heapleach of gold/ silver from Quartzite Project. In the lat year, 86,200 ounces were produced, of which BSG got 50%.
Mexico: Drilling at Palmarejo for some very good gold and silver values along a stretch of 16 km. Promising drilling of the Yecora Gold Project. More land to be purchased.
Roseby project (Australia): 60.6 mill tonnes of 0.77 % copper at 0.5% cut-off. Some copper value here provided mining can proceed rapidly.
Date: 31 Oct: "A Conceptual Scoping Study of a potential 2 million tonnes per annum sulphide copper-gold treatment operation, based upon:
- current copper and gold prices and the A$/US$ exchange rate; - average mill feed grade of 1.3% Cu and 0.4 g/t Au; and - a waste to ore ratio of 4:1 has concluded that the deposits could be mined and treated economically, with an attractive rate of return on the likely capital costs".
Date: 26 Nov 2003: From the Chairman:
The 2002/03 year was by any measure an extremely good year for Bolnisi Gold. The year can be summarised in a few highlights:
• Revenues up 3% to $49.5 million.
• Net profit attributable to members up 61% to $6.6 million.
• Earnings per share up 54% to 4.0 cents per share.
• Dividends up 100% to 1.5 cents per share.
CASH on 30 June: $5.7 mill. Another $ US5 mill. was received from a sale. Cashflow from Georgia pays for the Mexican and other work.
Shares: 166 mill ( 32 cents at present) and 6 mill. nfp. 107 mil options to pay 40 cents on 31/12/04. These BSGO options sell for 5.5-6 cents ( Current quote: 5.1-6).
Summary: Quite a large number of Shares and options. Very good prospects in Mexico and cashflow from Georgia. Announcement on heapleaching the Roseby project could raise the share price. I prefer the Option.
That is my opinion,
Cheers,
Gerry
Don't hold BSG
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.
BSG
bolnisi gold nl
