Projected figures .

A financial review of Bassari’s phase one Mining of the high grade close to surface 180.000 ounces being part of the One Million ounce Gold Resource at Makabingui shows the following :

A bankable feasibility study of the 180.000 ounces was completed by Mincore of Australia using a gold price of only USD 1.200/OZ

The result of their study on the four open cut pits, adjusted to a more current gold price of say USD 1.700 /OZ shows outstanding results as follows.

▪ Processing rate using our gravity mill-300 000 TPA

▪ Gold production -174 375 ounce

▪Revenue using gold price of USD 1700/OZ-USD 296 M

▪Operating cost USD 678/OZ-USD 120 M (Fuel Cost calculated at approximately US$60 per barrel Now US$18)
(Fuel is a MAJOR portion of the operating costs percise % ? not known)
▪Capital cost -USD 12 M (Probaly needs to be revised upwards)

▪Net cash surplus -USD 164 M

-$A 279 M = .11cents per share

In addition a scoping study examined the

Underground Mining of 120.000 ounces identified

Under pit one which indicated the following :

▪ Mined ounces -120.000 OZ

▪ Average Gold Grade to the mill- > 7 G/T

▪ Mine life extension - 2.5 years

▪ Estimated revenue using a gold price of USD 1600/OZ USD 204 M

▪ Estimated Opex USD 56 M

▪ Estimated Capex USD 35 M

▪ Processing recovery 95%

▪ Cut off grade 3 G/T Gold

▪ Estimated net cash surplus of USD 113M

-$A 176 M . = . 08 cents per share


Based on these studies the net cash surplus from the four open pits and the underground amount to $A 455 Million. =.19 cents per share

Such a result,together with the prospectivity to substantially increase the gold reserves and resources should increase the value of Bassari’s shares. Bassari’s present market capitalisation of only $A 31 Million should substantially increase on production when the financial results start flowing. Based on the study results Bassari’s capitalisation could increase to many many millions of Dollars with a resultant flow on to the share price, giving significant gains to shareholders

Based upon my research the above quoted figures may differ from the company's figures but overall they show me how undervalued the company is at this present time. Other factors that have not been taken into account is the extra mine life & the extra resource the company has eluded to with the results from the infill drilling that has been done , together with the reported resource extensions to the North, East, West ,& most importantly the very large extension of strike of 12km to the South ( Makabingui South)
Also the known number of propects, size of these prospects , shear length /size of these strike zones approximately 60km in all a massive area. Present lack of capital for drilling is the only thing holding back the company's progress, which will rectify this upon production.

IMO I have no doubts over the next few months we should see a marked improvement in the share price as we get closer to production with the real price increases as production figures start to flow.
IMO sentiment will also dramatically improve once mining starts.
My opinion & views so please do your own DD .
Looking forward to the arrival of mining equipment shortly.