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Straw poll - will you accept the offer?, page-39

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Peter Swain

467 Posts.

192

30/08/19

13:42

Post #: 40243572
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Originally posted by Gwaihir: ↑

(Mining News Journal)

Bellevue has had outstanding success inferring high-grade gold resources about 60km west of Bronzewing as the wedge-tailed eagle flies, and the Bronzewing mill shapes as obvious destination for any ore that's to be mined at the project.

"This could be a highly strategic source of high grade mineralisation to supplement the 2 million tonnes per annum capacity of the Bronzewing mill," Credit Suisse said this week, with the investment bank noting Echo had not been able to define sufficient resources of its own to support a Bronzewing restart.

"However, combined with truckable Northern Star resources in need of mill capacity, and perhaps acquisition of Bellevue, it is not difficult to imagine a productive satellite milling centre rapidly emerging."

As well as being an obvious source of ore for Bronzewing given its nearby location, Bellevue would also involve Northern Star's core competency of underground mining.

Still, any potential ore grading somewhere in the vicinity of 10 grams per tonne will travel a long, long way, and Northern Star will likely face stiff competition from multiple competitors operating north of Kalgoorlie.

Indeed, the unadulterated schmoozing of Bellevue by investment bankers and corporate advisors at the moment could be at unprecedented levels.

Bellevue has raised nearly $40 million this year issuing new shares priced at an average of around 56c per share.

The stock this week was at 62c, capitalising the company at $277 million.

Sitting extremely pretty indeed are the likes of Bellevue MD Steve Parsons and substantial shareholder Tolga Kumova.

As well as 10 million shares, Parsons also holds 20 million unquoted options (exercisable before next March at just under 4c per share), plus seven million performance rights.

For his part, Kumova has nearly 44 million Bellevue shares.

Some big pay days could potentially be on the cards by the looks!

Gw

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Hi Gwaihir,
Thanks for the info on Bellevue. As a small shareholder in that company and EAR it makes even less sense to sell at 33c. Bellevue ‘s high grades and increasing gold ozs makes this EAR mill a really valuable asset. EAR could well talk to BGL about just sharing the mill and excise it from Bill’s current deal. This would pay shareholders of both companies in real goodies.
, not just the crumbs.

EAR Price at posting: 32.5¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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