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bsm sale - another brick in the imrp wall

  1. 615 Posts.
    Interesting that this 20M sale coincided with the announcement of a new high grade intersection from BSM.

    "Dear All
    • 43.5 metres at 12.9% zinc, 7.7% lead, 0.4% copper, 207 g/t silver and 2.6 g/t gold from 187.1 metres downhole, including 12.6 metes at 22.4% zinc, 13.5% lead, 0.5% copper, 367 g/t silver and 4.2 g/t gold (HLD985).
    • AGM 2.00 pm 25 November 2008.
    On Friday, more positive drill results were released for Fossey Zone - with the intercept above being a stand-out (High Grade Drill Intercepts at Fossey Zone). The results for 6 infill drill holes are generally confirming the recently released Fossey resource estimate."

    The BSM announcement today was really exciting and means the BSM Fossey zone is looking very good with lots more room for increasing tonnage. I dont think INL would be selling on a day like today unless they had to complete the deal before some major event like the INL AGM or before Nyrstars 18 November 2008 Q3 Interim Management Statement and any subsequent information releases.

    This sale was on the cards 2 months ago at least, as reflected by the resignation of Kieran Rodgers from the BSM board on 1st october (obviously to prevent a conflict of interest). That is what makes me think this sale is part of the IMRP negotiations. I would not be surprised to see the Hellyer mill was part of the deal also.

    Whatever made them sell, it would have to be pretty good especially with the prospects BSM have. I would not be surprised for an IMRP announcement to be made tommorrow. :-)


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