rough estimates for next cap raise, page-24

Thanks for post whatsupgold, that's very good research and analysis imo. I don't think that some of the above posters should be so quick to dismiss a cap raising in the short term.

Yes, BGS is in a relatively fortunate position in that we have a potential short-term, ultra-low capex, cashflow-positive opportunity with the Ntiola/Massagui tenements via a potential JV operation with Randgold. However, we don't know how long it will be before there is a defined ore quantity (not necessarily JORCed) that will be sufficient to convince Randgold management to decide to commence a toll-processing operation with BGS. Remember, as I understand it, Randgold still have several years of stockpiled tailings (albeit relatively low-grade) that can keep their plant busy in the short/medium term.

There is also the current exercise to assess the suitability of the Ntiola/ Massigui ore for processing in the Randgold plant. Presumably this is not too big a deal but it will take some time (how long probably depends mainly on how keen Randgold are!).

BGS would clearly like this potential operation to start ASAP but it's less critical for Randgold. And, regardless of the above points, bigger companies take longer to make decsisions than smaller companies even if/when some Randgold managers may actually be keen to start the JV operations....

So, I think it's foolish to completely rule out a cap raising until the (potential) JV operation is actually up and running (and Randgold are sending regular weekly cheques to BGS!). We are still a fair way from that point imo although it's conceivable that we may be there before the end of this calendar year.

Finally, on the subject of the possible CR itself, who is to say that it will not be a positive for existing shareholders? BGS raised cash with Sprott at a small premium to the prevailing share price at the time. They may be able to do it again? And, if the current drilling results are positive, they may well be raising cash at well above the current share price. This shareholder is definitely not selling regardless of a possible short-term CR ...