egm - summary

Hi guys,

As requested by Wazbee, I am re-posting my previous post as a new thread.
I have also added a short summary on Togo, Monty and our AIM listing at the end.

BTW, thank you to all of you who read and appreciate my posts.


EGM - SUMMARY:

The actual meeting took no more then 10 min to get all the resolutions passed.

The directors were represented by Mike Ralston and Mike Hale as Derek is in Poland and Milos is in the Balkans.

We were told that they are both working very hard and kicking goals.

After the formal proceedings we spent nearly an hour talking to both Mikes.
As another shareholder told me after the meeting, these guys are so much more open and happy to chat with their shareholders then any other company that he is invested in.

Of course there is no inside info being discussed but they are very happy to explain anything that we may querry.

Mike Ralston has just completed a roadshow of our Eastern States and he was very pleased with the response he received from brokers and institutions.
We are on a radar of basically every broking firm in this country.

The way I see it is that they are all waiting until July before they dip their feet in the water.
I think that everyone would agree that our boat is crossing a bit of a stormy weather. The Greek problems and their election, end of FY selling and maybe some being a bit scared of the consolidation all add up to that storm.

Hopefully, in another 2 weeks the "weather" will improve and we get some smooth sailing.
I must agree with both Mikes that we might as well get it all done at once in the worst time so we can emerge better and stronger when the market picks up in the second half of the year.

Now to our projects:

Bogdan:

The drilling of hole 3 is progressing well.
Hole 2 results haven't come in as yet.
I'm expecting another 2 weeks or so. I've learnt that our cores are cut in Poland and then despatched to a lab in Vancouver.

As for hole 1's results, the directors, geos and all in the know are very excited about.
In fact the plan was to drill the first 4 holes with a hope that we will hit mineralization in 2.
Right now, we have a definite 1 out of 1 and #2 looking promising.
As I've mentioned in one of my earlier posts the geos can see any signs of mineralisation by simply looking for Chalcopyrite or Galena in the core so without giving too much away there was definitely an exciting look on the directors faces.

MR was stressing how important it is for the shareholders to understand the shape and angle of our orebody and how different it is to orebodies found elsewhere.

What we have (based on KGHM's model) is a flat pancake sloping at about 5% away from the fault line.
It is one of the cheapest ores to mine and our next door neighbour have all the infrastructure and a spair capacity to process our ore!

It doesn't matter if we get copper, lead or silver or even gold and rear earths because all we would need to do is to deliver it to the processing plant and Bob's your uncle.

This scenario could hugely reduce our CAPEX as all we would need is to build a decline costing say $20m and we are done instead of few hundred million on a processing plant.

One other very important fact that was mentioned was that KGHM actually MINES anything that has a copper equivalent of over 0.75%.

If, and only if we could confirm that the mineralisation extends throughout our entire tenement (which is possible) then we COULD be sitting on a massive and most importantly economically viable resource.

No matter how you look at it, there has to be a massive potential for us at Bogdan.

Monty:

We are still drilling at Zuta Perla and samples have gone for assaying.
The main aim of this program is to increase the resource tonnage and improve the quality (increase JORC).

It will also confirm the concentrate recovery.
This is of very high importance and will allow us to better calculate the value of this project.
Mike then added that once we know the concentrate recovery we can then start discussing the project with any possible JV partners.

There was also a quick mention of Brskovo where our two holes intersected high grade silver of 500 g/t.

Looks like we will be going back to Brskovo in a very near future to do some more drilling there.

All in all, Monty is shaping up as a great project for BMB.

Mike also mentioned how happy he is to have Milos running the show in the Balkans. Supposedly there are a couple of GREAT new projects nearly ready to come under our BMB umbrella but at this stage the directors are very weary of any further dilution so they are planning things very carefully.

The way I read that is that the funds for any new projects might come from our AIM listing.

Togo:

The Togo saga continues.
It certainly isn't a done deal but our chances still appear very good.

We are still one of only 5 companies that had been short listed.

All wheels are in motion.

No time frames were given but we can't be far now.

Sorry but they were very cagy about Togo.
Maybe a surprise is awaiting us, who knows.


AIM listing:

Mike Ralston is leaving for London next week.
He will spend a week or so with Derek doing a roadshow in UK.

If the Greek issue gets resolved next week and they find that UK brokers and instos are prepared to put their hand in their wallets we will do AIM listing straight away but if the current European situation persists we may have to wait a little bit longer.

The important thing to remember is that the directors are our biggest shareholders so it's in their best interest to minimise the dilution and increase the SP in the best and most economical way.

That's pretty much it from what I can remember.

Have a great weekend guys.