unbelievable, page-18

Hi Guys,

I wouldn't be too worried about the large seller or think up too many conspiracy theories.

BSM has a number of recent institutions onto the share register from the HK capital raising by Helmsec at 37c when they raised $10m earlier in the year.

It could be that one (or more) of these institutions is selling out of BSM in a portfolio rejig. The 500k parcels [only] equate to $50k transactions which are chicken feed for these guys so they simply couldn't be arsed breaking the parcels up for a few hundred/ thousand dollars of gains.

For what it is worth I have asked Craig McGown to try and track down who the seller is and, if they have many more to sell, try to place these shares in an off market transaction to prevent any constant sell side pressure.

I've raved on previously about what I think about BSM and I am happy to hold my shares and options here.

A couple of salient points people may have missed in the latest presentation from the AGM:

(1) BSM are effectively net cash flow positive now if you count concentrate and ore inventory as 'cash'.

(2) As of the AGM there was 52k or ore above ground on the ROM pad. There is probably another 5k of ore on the pad now in readiness for campaign 7.

The implications are that BSM has an EV of approx $28m (just think of what you get for that $28m!!) and there is no mining risk for the next campaign with only milling of ore and then selling of concentrate to go (which will dump another $10-13m revenue in the coffers.)

Some more time in the dog box yet for BSM, especially with markets looking like their getting messier, but let's revisit the conversation in 6 months time.

Cheers
John