BCL saga, page-205

Agreed. Now the following is one year old so only read it in that knowledge....it does emphasize though that BML's Maibele North is a serious project, only a step away from being mined, and sans the BCL liquidation, would now be well on the way, and we could all breathe a little more easily.

It is now almost one year since the article here under was produced (reported in Creamer), which outlined how WP (through Advisian) had reported on Maibele, suggesting basically the (12) underground options investigated would be unattractive, and recommending the open pitting option be preferred.
WP then began the Tati (Selkirk) open pit mine study, then BCL were put into administration.

We will recall that BCL would not release the WP/Advisian report, holding it to be "commercial in confidence".
I am perplexed why BML remains unable to get hold of the report even now, given the "commercial in confidence" seems hardly appropriate now BCL are in liquidation, BCI in provisional liq., and the JV in limbo as a result. I would suggest that as BCL doubtless paid for the report as part of their 'earn-in' $4M to reach their 40% share of the JV project, surely it could be argued BML have some right to see and make available the report, especially if it contains any cobalt figures, or new reserve tonnages (?).

To me, with the greatest respect, it is a no brainer that any PR and worthwhile advertising of BML's assets during this time where BML's JV partner and (?) the 40% of the JV perhaps under BCL is up for sale can only be helpful to BML's situation, especially if a replacement partner is to be found on good terms.

I have attached the whole Advisian article of August 2016 just as a refresher, and apologies for very lengthy post.

Regards to all.

"Engineering News - Advisian utilises unique StepWise methodology to determine economic viability for BCL projects http://www.engineeringnews.co.za/pr...conomic-viability-for-bcl-projects-2016-08-31 2/4 Advisian utilises unique StepWise methodology to determine economic viability for BCL projects 31ST AUGUST 2016

Advisian, the strategic advisory arm of global project delivery company WorleyParsons, is utilising a pioneering and successfully proven methodology called StepWise which was developed in-house to undertake two studies for Botswana Copper Limited (BCL), a state-owned copper and nickel mining company in Botswana. Advisian is in the process of finalising aPre-Feasibility Study (PFS) for BCL’s Maibele North copper project while a Bankable Feasibility Study (BFS) for a new open pit mine att he existing Selkirk underground nickel mine near Francistown is in progress. DonovanMunro,Principal Mining Engineer at Advisian, says that the StepWise methodology has played an instrumental role in the early determination of financial viability for the two projects.In both instances the StepWise process has been able to identify early-on the challenges to economic viability that would only have been detected much later in project stage, had purely traditional projectdelivery methodologies been used. “We have utilised the StepWise process to quantify potential and value and to this end developed an extensive range of parameters and options that were then ranked utilising the unique StepWise methodology in order to accurately determine the most financially viable options for the projects,” says Marthinus Odendaal, the project manager on both projects. Each phase of the project study(Conceptual, Pre-Feasibility and Feasibility) should incrementally and realistically add value to the project and so secure potential for return on investment. The Maibele North prospect is located 50km north of the Selebi-Phikwe nickel and copper mine and smelter owned by BCL. Exploration in 2010 confirmed nickel, copper and platinum group metals mineralisation and additional drilling in 2014 yielded additional finds. Advisian was appointed to undertakea PFS to evaluate results from the previous study that recommended an underground mine based on traditional economic modelling. Using the StepWise approach, twelve underground mining configurations were evaluated against open pit mining configurations. These initial StepWise results helped focus drilling activities into areas of higher mining interest and when the revised geological model was completed, only the more viable options were re-evaluated. Advisian concluded that none of the underground options identified were financially robust enough to justify underground mining at Maibele; however, an open pit was proposed as having potential advantages. Following the successful utilisation of the StepWise methodology for MaibeleNorth, Advisian was given the opportunity to undertake a BFS for an open pit mine at Selkirk commencing in February 2016,which is now being undertaken under WorleyParsons branding, allowing a seamless progression to execution. Underground mining operations began at the Selkirk nickelmine in 1989 but it was put on care and maintenance in2002 due to the depletion of the massive sulphides copper and nickel ores accessible for underground mining. “The StepWise approach was instrumental in Advisian having been awarded the second project as the client realised the extensive benefits of the early ascertainment of financial viability,” says Munro. The Selkirk BFS is using the StepWise methodology to evaluate previous recommendations that were made in the PFS.The focus of this project is to enhance the ore producing potential of the mine as well as to explore the most financially beneficial transportation options when moving the ore from the mine to thePhoenix concentrator some 15km away. WorleyParsons is also currently in the process of developing a high level execution schedule aimed at achieving BCL’s objective of first ore by year end 2016. While Odendaal acknowledges the stringent time constraints, he adds that WorleyParsons is committed to practically assisting the client in all possible ways in achieving their objective. “We have a good working relationship with BCL and we will endeavour to maintain our positive track record with the client and deliver a report on schedule, based on best available information,” concludes Munro.