rights issue with little downside risk, page-15

Astute observation Dejavoo.

As the old saying goes: "No mining plan, no matter how sophisticated, survives contact with the actual rockology".

We've had a few curve-balls here that will lessen our initial optimism...but shouldn't leave us in a state of abject negativity, either.

BSM has a future and we need to give it the cash injection to allow it to discover (and recover) that future metal.

The major reason for my buying into BSM (and I'm seriously underwater atm) is/was the tailings potential. It remains intact and has strengthened, based upon the recent likely revcovery percentages.

I always saw Fossey/HMP merely as a cash cow. Clearly not as fat a cow as I would have liked. But, here's an observation to think about.

The HMP is a $100m plant on replacement values. We got it for a song. $4m I think. This plant can process whatever we can find on the massive tenements we have.

To date we are all doing our sums on just Fossey and Fossey East and that's both prudent and sensible.

But think about the incremental value of the "unknown becoming known" and JID alluded to the fact that the geos are confident its there.

We have McKay which is looking interesting...then what else lurks underneath, waiting to be found?

I guess what I am saying is that the hard costs of getting the plant operational are already covered and we have a valuable "unused future asset" in the form of 10 to 20 years of HMP throughput just waiting on the geos to prove up some finds.

The optimist in me says that a savvy businessman would be looking to buy haulage trucks ex the Tassie tree industry and have them ready to shuffle rock up to the HMP.

For instance, what if we were to find another Hellyer? What a game changer that would be. Sure, this happening is not a certainty (and just what is a certainty in the investment world, these days?) but its not an impossibility either.

Just think about what BSM would be worth if we had a poly metallic arm chugging profits at $20mpa whilst the tailings project delivers on its 32m of Ag and 600k of Au.

My extra commitment to BSM has been made in an endeavour to average down and I'm hopeful the options will be around the 2c or 3c as some have suggested here, but I see that as a bonus.

Anyhow, that's my story and decision. I'll step out of the ring now and let others decide.