Another interesting part of their annual report is a single innocuous comment halfway down page 5 of their annual report:
"Exploration License E53/1187 has been surrendered since the end of the financial year."
E53/1187 was actually one of their most promising tenement directly adjoining the eastern edge of BHP's Yeerlirrie project. Of the limited amount of on-ground exploration work that BLZ did actually do during the financial year, almost half of their auger drilling holes would have been on this tenement (they still show E53/1187 and the drill holes they put down on page 10 of their annual report).
But never mind, I'm sure that it wasn't really surrendered. After all, let's go back through a little bit of history of BLZ's tenements around Yeerlirrie....
On 21/7/2010 a subsidiary of BLZ surrendered E53/1183 & E53/1452 which were directly adjacent to the northern end of BHP's Yeerlirrie project.
15 minutes after this ground was surrendered two new applications (E53/1567 & E53/1568) were lodged for exactly the same ground that BLZ had dropped by a company called Fraka Investments P/L.
Fast forward to 2011. BLZ decided to put a new application on exactly the same ground at the northern end of the project again (E53/1618) on 16/3/2011 even though Fraka still had an earlier application over the ground. Imagine the delight of BLZ when (entirely unprompted) Fraka decided that it did not like its application after all and decided to withdraw it on 29 March 2011 leaving BLZ with exactly the same holdings that it had had before.
Now back to E53/1187 on the eastern side of the project that BLZ said in their annual report had been surrendered after year end. Would it surprise you to know that a company called Puck Resources P/L put an application (E53/1643) over that ground exactly 5 minutes after it was surrendered by BLZ on 15/7/2011?
Now where have I heard of Puck Resources P/L before? Oh here it is on my post about another Uranium project that was dropped by MLS, picked up by Puck, and then later picked up again by PWW (a company that would have otherwise been a related party to MLS because of common directors). http://hotcopper.com.au/post_single.asp?fid=1&tid=1508818&msgid=8613853
BLZ, MLS & PWW all share some common directors.
I wonder how long it will take for Puck Resources to lose interest in its E53/1643 application over on the eastern side of the Yeerlirrie project - I'm guessing about 5 minutes after BLZ lodges another application over exactly the same ground one again....
I'm guessing that it is all a delaying game so that they can spend as little as possible actually exploring the ground, while at the same time still holding onto the ground and hoping that the world forgets Fukushima and remembers that it still has lots of nuclear reactors that need uranium.
Dangerous game that they are playing though and, as John1331 pointed out, their quite considerable management fees are certainly sucking up their rapidly reducing cash balance in the meantime....
BLZ Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
