th - cap raising - producing jan2011, page-12

Morning guys,

We'll all know soon enough, but it is enjoyable to speculate in the meantime:

In looking at BSM's known opportunities to-date there are not many that require large cap-ex

1. Fossey - already funded
2. Hellyer Mill - already funded
3. Fossey East - little capex required as so close to decline
4. Zinc/ Lead tailings - barge and mill all ready to go, just waiting on offtake agreement
5. Que River - all operational and not on a critical timeline
6. Hellyer remnants - similar to Que River
7. Regional drilling - not urgent enough to warrant dilution so close to major positive cash flow from Fossey

What is left?

8. Gold circuit for new ore processing and for gold out of tailings.

What have we already had preliminary finding on?

9. Scoping Study for gold from tailings (28/07/2010)

What needs significant capital to construct?

10. Gold processing circuit for tailings/ new ore

What is at record prices and looking to go higher?

11. Gold

Just my idle speculation but I would not be surprised that we are becoming a serious producer of gold soon (please that, and not a catastrophic issue at Fossey!)

Cheers
John