engulfing....

I am not to much surprised that the SP shows almost no reaction to the recent good if not excellent news. The last 12 months were just to much of a rollercoaster with to much exciting and disappointing moments.

BTR is suffering of a intensiv lack of confidence at the moment and I guess this will not change till more hard facts are on the table.

However. Nice to hear a confident Scott on BRR. Also nice to hear that 7.14 % CU on 166m is not just a common drilling result but something special. Even for a infill drilling as I understand.

Probably one has not to be a magician to realize that at the moment there are obviously more seller then buyers. I have still the feeling that the one or other fund is forced to sell because BTR does not match the internal rules of the fund (e.g. to small market cap). So every time that SP picks up a little bit those guys are selling. That's not really a pattern that supports the confidence in the company for a long term holder.

Nevertheless, as already mentioned several times in the last few weeks, the news pipeline is pretty full I would say.

Further drilling results pending (e.g. KITDD_033 and especially KITDD_034). Announcement of the new MD sooner or later. Progress report from Perkoa (working capital, first shipping). "Scout drilling around Kitumba" (you remember the 3 holes). The plan for the drilling campaing 2014 (e.g. Kakozhi). Obviously the "updated PFS" Kitumba ("....we have to recalculate" - yes please do so!) - have I missed somehting ? Yes...the application for a mining license in November......

So what I see here is somehting like an engulfing situation. The pitcher goes often to the well, but is broken at last - in this case it is exactly vice versa - good news are just blinded out but sooner or later they will have their effect on the SP.

I ses stil a pretty stable copper price...and even a more stable and appreciating zinc price. The warehouse levels slowly but surely coming down and this in a - let's say - not really optimal environment (US, China). Also here some kind of engulfing situation. It seems that there is good probability that the zinc price will pick up next year and maybe accelerate 2015/16. This would be fundamentally good news.

If copper would show a similar pattern (what is not clear at the moment) it is not to difficult to imagine what that could mean for BTR.

In any case I am looking forward to the next bulk of drilling results. Espacially those 3 scout drilling around Kitumba might deliver extremely exciting news.