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balamara resources. our new asx code: bmb

  1. 1,854 Posts.
    I have just returned from the EGM.

    Excellent and very insightful meeting.

    Derek and Milos are in Europe so meeting was run by our MD, Mike Ralston.

    1. All resolutions passed.

    2. Our new name: Balamara Resources was passed unopposed.

    3. The new name should come to effect next week with our new ASX code: BMB.
    This should coincide with the launch of our new website.
    If you forget the code, think of it as BOMB but without the "o".

    4. All projects were discussed in detail but one that stood out from the rest was BOGDAN.

    Docs for a drilling permit were lodged with Polish authorities on the 4th of January. The statutory period in which the Polish Govt must issue the permit is 30 days. This would take us to 3rd Feb. Add one week for rig mobilisation and the drilling should start by mid Feb.

    Six diamond holes will be drilled in the first phase.
    The first 3 holes will be drilled in specific locations with the following 3 hole locations adjusted, depending on the results from the first 3 holes.
    Each hole will be 300m-500m deep and should take 3-4 weeks to drill plus lab work.
    Derek is in Poland working (amongst other things) on securing other tenements.

    You could clearly see that the Board is very excited and very bullish about this project.

    Not sure if anyone was aware that Togo recently won a non-permanent seat on the UN Security Council for 2012/2013 and just last week was visited by US Secretary of State Hillary Clinton.

    It's worth having a quick look at the below video which shows Togo's President as well as Togo's Prime Minister who will probably be two of the main decision makers in evaluating our tender.

    You would think that the above political events can only lift Togo's image on the world scene.
    This coupled with the involvement of the World Bank and the IMF should have a positive impact on our chances of success.

    Mike also touched on the benefits to our Co of wining that tender.

    The current market price for rock phosphate beneficiated to around 30% is $150-$170 per tonne yet the total cost of getting it into that stage is only $30 per tonne.
    Now multiply the net profit by 10 million tonnes per year and you get the picture of what this project is worth to our Co.

    There's still quite a bit more info on this and all the other projects but this post is getting a bit long so maybe it will be easier if you ask questions and I'll try to answer them based on today's meeting.

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