sorry folks ...

Never in my wildest dreams did I imagine when BOTH PJO and BSG were in a trading halt, in view of the respective wording of their announcements, that:

1. They were both going to recommend a takeover bid by a third party. (It seemed to me the obvious move to obtain value for BSG shareholders and a market rerating for the project was a scrip acquisition of PJO by BSG followed by a duel listing.)

2. That BSG shareholders were going to be offered, using the spin I have seen, a princely 9% premium on the previous day's full trading or, or put another way, a premium of less than 2% on its closing price of $3.30 when BSG called for a trading halt a few hourse before a full day's trading!

3. That if this deal goes through BSG shareholders can be excited by the "value" they will obtain in the new, large silver company. At this stage I'm trying to work out how we should be excited by our silver production after gold credits no longer costing $US1.00 per ounce or even less, but instead $US2.00 per ounce. I'm trying to work out how a 100% increase in the cost of our silver production is exciting news and value for us.

4. It is interesting to note that on the HUI Coeur D Alene Mines Corp are trading at 12 month lows. I wasn't aware that precious metals shares were at 12 months lows. So is there an issue with Coeur D Alene Mines Corp that they hope to solve for their shareholders with this acquisition? I don't know at this stage, as I don't know enough about Coeur D Alene Mines Corp.

5. Last night on the NYSE Coeur D Alene Mines Corp dropped 3.70% to close at US$3.90, a new 12 months' low. Their 12 months' high is US$7.14.

6. That fall in share price of course wipes out ANY premium to BSG on BSG'c closing price of $3.30, and a good amount of the token 9% premium from BSG's closing price of $3.07 the previous day.

These are just some of my initial thoughts. They of course are subject to revision!

PS ... I see that 0.004 cents per share cash was also thrown in so we can buy ourselves a meal and drown our sorrows. It's quite apt that such a token amount of cash be added. Seems to fit quite neatly with the scrip offer.