BSG bolnisi gold nl

bolnisi gold - agm report

  1. 2,218 Posts.
    I attended the BSG AGM on Friday. Nothing really startling to come out of it, but everything seemed positive. The chairman had just returned from overseas having meetings with both Quartzite (Georgia) and Ocampo (Mexico) JV partners. Some points of interest:

    - The Georgian operation continues by very strong with October producing over 9,000 oz. There may be some renewed regional exploration starting next year.

    - Ocampo feasibility will now be finalised in February, not by end December. It seems clear they will go down the convention processing route rather than heap leach. It was implied they are not far off securing a suitable second-hand plant for this purpose, giving a low capex for the project.

    - At Roseby, BSG ended up doing 13,000m rather than the planned 8,000m of drilling at the main deposit. Little or no more drilling will be required to bring this to reserve status. I gather the additional drilling was done because mineralisation was more extensive than indicated by previous records. Some higher-grade primary copper was encountered at depth beneath the targeted oxide deposit. Preliminary pit optimisations should be done by end January, with pre-feasibility by April. Production still seems to be targeted for early 2004, though I'm not 100% sure I got this right.

    - Regarding financing of Roseby and Ocampo, expressions of interest have been received for debt funding. I think BSG will not require any equity raising.

    - BSG confirmed intention to continue dividends paid half-yearly.

    Angus

    I hold BSG

 
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