Merry Xmas, page-3

I don't think people actually appreciate how good the last RC announcement was. They just wanted to see double digit grades because of the 9gpt grade that was highlighted from the AC announcement.

The average grade from these results is 2.7gpt - anything above 1gpt in Southern Mali is profitable even in this economic climate. Plus it is shallow so a cheap open pit mine will be feasible.

Considering that <0.5gpt tailings are due to begin processing at the Morila plant in May next year, MOU has been signed with RG and they are working cooperatively together drilling the Massigui Project, a JV is inevitable, and sooner than you may think.

Not only a JV but a TOLL TREATMENT AGREEMENT (more like 90:10 as opposed to a 50:50 JV). KJ is obviously trying to prove up as much shallow gold as he can before signing off on a deal to ensure that the best deal is made.

If KJ was desperate he would have conducted further drilling Ntiola to define a JORC resource - I believe that RG will pay for all this, it is up to BGS to find as much shalllow gold to make it worth RG's time. Look into past JV agreements that RG has participated in - FAR worse conditions and deals for RG, a deal is inevitable. According to my calculations, if a JV was to occur tomorrow, the absolute minimum SP (with multiple discount factors incorporated) would be 3.6c.

DYOR, check out RG's recent ann's regarding them reexamining areas around the Morila mine for shallow prospects....

On top of the new Viper result, that 51m intercept at Koting with a grade of 1.1gpt is HIGHLY promising and has the potential to be something world class.