I as many others do/have owned both.Check out my posts on the...

I as many others do/have owned both.
Check out my posts on the BMN thread regarding the 20% they don't own. It is owned by Clive Jones & Nathan McMahon (current & past directors & major shareholders). This in my view sets up a dynamic of prime importance in understanding the BMN story & SP.
Consider these facts. The 20% holding is not subject to share dilution. (IMHO)To date the 20% holders have not contributed to the costs of exploration or BFS on a pro-rata basis. A pro-rata contribution is expected (? contracted) upon release of the BFS. Project Capital costs will be at least 400Mill. The current holders of the 20% have no chance of making their pro-rata contribution post BFS.
BMN is short of cash and has a history of capital raisings to get it. A meeting scheduled for 16.04 will (likely) pass a resolution whereby within 90days they will go to the market seeking $30mill. They printed around 38million shares to get $20Mill from RCF in Nov 08 going from around 150 to 180 million shares on issue (with of course the attendand share dilution). The latest analysis out of Canada puts them at C$1.70 which coincides roughly with the dilution as above from the last raising in Canada at C$2.10.

Do you see how the holders of the 20% gain by issueing shares in a way that no shareholder does?

The pre BFS & BFS are the next slated SP moving anny's in July 09 and Jan 2010. BMN has a current resource at half the grade and half the tonnage of EXT. It starts on the surface or just below (relatively speaking) to EXT.
It is NOT right next to RIO. It does not have RIO (or any major) on its share registry (at last count, see my comments re the 20%)

I hold BMN but wonder why not just sell and buy EXT, but then they are out there drilling and IF they (when they) prove up more resources they'll be re-rated and I'd hate to miss it. The "nearology" to EXT is enticing but its just as well to imagine a country border between the two and examine each one on it's own merit, see Simmo's comment.