Bendigo Mining (BDG) often gets overlooked because they have two...

Bendigo Mining (BDG) often gets overlooked because they have two major strikes against their name -

i) they burned a lot of investors people with their 2006 estimates of 12M oz which proved to be inaccurate ( not that their isn't significant gold it is just that they can't prove it either way due to the nuggety mineralisation of their gold. (22M oz has been taken from the works historically) Hence -

ii) The Company will no longer report statistically-factored gold grades (mathematically adjusted assays) due to the nuggety mineralisation of their gold. Instead they will use drilling and visual inspection techniques to build an economical model for production. That is, you won;t get a JORC.

Pros:

*$70 Million dollar plant
*$40M in cash
*Dewatering currently occurs at a rate of around 2-3ML/day
and infrastructure in place to remove this and help do its bit to drought-proof City of Bendigo.
*Acquisistions:
"And finally, we plan to grow the business by using our strong cash position to capitalise on external opportunities. I would like to be in a position to report to shareholders during the forthcoming year that we have identified an excellent value-adding opportunity" - - Peter McCarthy Late 2008
*trial mining to date: 8500 oz of gold from 36,800 t at 8.1 g/t gold