trading halt, page-25

Trousergecko. A bit strange in your calculation.

1) $4m is to SPEND on explorations. 40% off-take is NOT 40% shares in BML, but 40% of off-take at commercial price. If 40% is for 40% of BML shares, then BML is valued at $10m. But this is NOT the case.

2) I disagree with mc $30m (as you said "In a reasonable market this would have $30M"), because BML is got lots of drillings to do to get good size JORC resources. IMHO I think BML will have similar size of resources as DML, better still with fewer shares on issue (higher share price), because of JV partner's funding & no equity stake in BML

3) BML spend about $250,000 on salaries/quarter (take out exploration budget, ie funding from BCL). I think $1m cash can last for till Jun/2013

Timeline: from now to about May/2013

1) lincense renewal,
2) aggressive drillings (funded by BCL)
3) get good results (ie upgrade JORC resource estimate)
4) Hopefully sp improve above 10c

July/2013 onwards
5) Options exercised (instead of share placement nor capital raising)
6) Options exericsed may get $9-$10m cash, no exploration funding required, no feasibility study expenses required, just wait for free-carry

However, in AGM's resolutions one is to allow share placement. So could be something coming up.