to the bottom drawer......, page-2

well....my sentiments towards possible impacts are not so negative.

a) higher zinc price had no mentionable impact on the SP in the last 12 months

b) zinc price might depreciate another 15 to 20 % and Perkoa would still generate net profit

c) silver could at this price level surely add some extra cash flow

d) the political problems in Burkina Faso started already mid March. Nevertheless Glencore jumped in at 62.5 cents. I guess they have considered different scenarios and outcomes.

e) economic downturn - if this really will be the case - will not last for ever. Copper supply will be still an issue in the next 2 years. Zinc story is probably different - not so positive but not hopeless.

f) gold in Burkina Faso at 1600 $ per ounce possible option to add (production around the corner at Perkoa).

summary: I guess that even if the scenario(s) change a little bit the underlaying story is still the same. BTR was not a high flyer in the last 12 months...therefore no reason to loose to much....even if we might see a SP of below 60 cents or in the lower 50 cents I have the feeling that this - if the situation in Burkina Faso calms down - is a reason to accumulate. I have not the feeling that the economic growth in China will turn completely negative...even if Mr. Roubini is of the opinion that the risk in China is not inflation but deflation. Might be that he is right but I honestly can not imagine that this really might be the case.

Hey Billysnap...you were so positive in the last few weeks. You should not bother to much today. Is fullmoon...in 4 weeks everything looks different.