FYI, Brett and Peter Mansell were in the UK yesterday giving a...

FYI, Brett and Peter Mansell were in the UK yesterday giving a presentation. Aprox 50 SH's attended.

From RetailRonnie:

BGL were the only company presenting so they could give a good presentation with a lot of detail and take a good number answers at the end. I overhead the organizer say there were over 50 attendees there.

Bretts has honed his sales pitch and the presentations are now backed with facts relating the low grade mining in the world context. The fact that the biggest miner in China is interested backs up his claims made in his pitch even further.

Peter and Brett concede raising funding for the project right now would be impossible, but after DFS, with new ii's investing in DFS grade projects the sp could be higher and there was a possibility they could go it alone. However when pressed about this during the questions and when speaking to BL afterwards, it was clear they would prefer a farm-in/ partnership with another company and reading between the lines BL's building those relationships currently. BL said they had had offers to help out from other parties when the bid was made - which they declined saying now is not the right time.

BL distanced himself with the recent article suggesting 20c is a reasonable estimate, saying that he gave a much fuller answer that they selectively interpreted.

There is more resource to the south that could be added but they don't need new resource as it would only add to the life mine and wouldn't improve the investment case substantially.

They have been investigating the potential of processing the ore at other mills near by but it would be to the detriment of the project.

The Proactive guy obviously reads this board as he cut to the questions we all wanted to ask about immediate funding. Answer as expected: need $5m for DFS (just the DFS) and can raise funds with shareholder approval. Peter said they would address the funding in the target statement as it was highlighted as a weakness in by bidder. Personally I think they will raise more money - as much as they can get away with. Placing with a rival bidder? Rights issue to build on current sh resolve? Don't know.

They have targeted the low hanging fruit and there are not likely to be any more major significant cost improvements. What he said about the recent metallurgy work was interesting and there is a possibility (that he very much down played) that the resource grade could be slightly higher than thought at the moment. Small possibility, but not nil. He said if grade was worse than thought, he would have worried, so the flip side of that is that there could be an improvement.

Peter sounded very confident about their 'strategy' re takeover and urged everybody to wait until the target statement was released on or before the 19th May.

Bit of panto at the end as Peter dismissed BL from the room and bumbled on about BL being very good for the company and getting a share bonus that will be put to the vote at the AGM (need to look that up as Peter seemed as though there had been concerns expressed).

Peter was crowing about how within a few days they had managed to get indications from over 40% of the sh that they weren't going to accept - i.e. all the good work that Tem has done across the boards. BL said words to the effect that it was very unusual to be able to do that and put them in a good position.

Overall very good and wait for the target statement.


And from Richie32:

The only thing I would add to RR's post was that funding this side of the DFS was seen as a hurdle, but post DFS, many more options could potentially open up regarding mine-building funding.

I got the distinct impression that BGL wanted to be 'left alone' to independently bring the project to DFS and then, as RR hinted, be very open to farm-in or 'friendly' partnership post DFS.