Ann: Lamboo Project Advances Closer Towards Devel, page-11

re: Ann: Lamboo Project Advances Closer Towar... Hi there Taboud,

Very much agree with your statements regarding the financing/debt etc, and the reference to the value that may be apparent when compared to other Juniors at BNR's current market Cap ....

Regarding your comment on a rights issue where the Directors taking a stake may give confidence to the market ... a few points for Punters who may not have been following BNR for as long as others.

Firstly, sorry for the long post, but this stuff is important to me and may be to others who are putting up their hard earned cash, so bear with me.


Lets take Director Phil Retter BAppSc (Hons)MAIG, who is the Company's Geologist with 25 years experience in the mining, consulting and financial industries.

Phil relocated to Perth in 2000 and was involved in listings and M&A transactions in Australia, London and Canada.

He funded 3 new mining companies on the ASX and raised in excess of $100 million of new equity capital.

Phil is currently a director of Sahara Minerals Pty Ltd, and a Non-Executive Director of Dampier Gold Limited (DAU)


So thats Phil Retter .... he would obviously be pretty well off financially ... so IF we were to see him, a Professional Geologist with an impressive track record, not only get involved in an ASX Gold minnow such as Bulletin, but actually INCREASE his share holding at MUCH HIGHER prices than we are currently at .... what does that indicate??

Here are the facts

As a Director Phil Retter initially "inherited" a healthy 2+ million share holding and a 2 million (20 cent) option holding .... so he had a large stake in a minnow Spec at no cost to himself ... lucky Phil! Did Phil sit back and enjoy the ride at Shareholders expense? ......... Think again!

Phil Retter purchased MORE BNR shares ON MARKET on the following times ...

100,000 shares at 14.5 cps June 2011

100,000 shares at 13 cps August 2011

150,000 shares at 13.5 cps August 2011

50,000 shares at 12.5 cps December 2011

150,000 shares at 13-14 cps January 2012

200,000 shares at 12 cps May 2012

110,000 shares at 10 cps May 2012

50,000 share at 10 cps May 2012

25,000 share at 10 cps May 2012


Am I worried about my investment in BNR?? Not at the moment!!

PS Other Directors also "topped up" for anyone who would like to check.

So my point is ... The Directors of this Company have made it abundantly clear with their own funds what they think ...

The only unknown in my view is the time it will take for the "known" to eventuate ..... bottom line for me = Low risk trade!

All the best.