Will the shorters never give up on BDR, page-63

Hi Colinchi

I'm an accountant by profession and as a result I've seen many financial reports both in my professional career and my career as an investor, I agree that BDR's reports are not the best, but they're certainly not the worst.

One thing to note regarding their reports is that, although they are fairly ''minimalist'' in their disclosures, at least they aren't padding the reports with loads of pics of PB & Co. These days, some annual reports more closely resemble as fashion catalogue than a financial report. I can't stand group photos of the board faking a smile, especially when they're losing money.

Ongoing production issues might weigh down on the SP even if Gold rises, however, if Gold rises and BDR can resolve their issues and start firing on all cylinders, then, I truly believe we could see some spectacular market appreciation.

Another thing which I find encouraging is that the nature of the issues facing BDR seem to be moving further down the production line. For instance, they're now moving dirt, they seem to have resolved that. The main issue now is milling the dirt, they resolve this in time. Later on, the only issue they will be facing will be a depressed gold price. The improvements they're making now will be borne out in the figures in the near future, but these things take time and they require patience.

Finally, I'm not buying BDR because of the company they are today, I'm buying them because of the company I believe they're going to be in the future.

If gold goes to $2000, then I think we're going to see a SP in excess of $2.

However, I could be completely wrong on this.

Cheers
Ivan