BNR (ASX) Ann: 30 September 2017 Quarterly Report

Originally posted by Nowhere Man ↑

I note a whole lot of back-slapping self-congratulation and uncritical adulation of the BNR Board round here.

But the share price is resolutely stuck in the doldrums.

And I wonder if it's quite yet time to be counting cluckers over your one great hope, the Geko raid.

The following extracts are from a Golden Eagle Shareholder Update sent out a couple of days ago in response to the BNR September 2017 Quarterly.

In contrast to the BNR claim:

GEM submitted a valid mining proposal to the Department on 26 August 2016 (Mining Proposal). The Mining Proposal was accepted by the Department and GEM has been working with the Department since then to seek and obtain all approvals required to commence mining on the Geko Gold Tenements. To date GEM has applied for and obtained:

a. clearing permits for the open pit mining operations and haul road;
b. mining approval for the haul road construction;
c. works approval for evaporation pond construction; and
d. operational approval for the mine (Project Management Plan).

GEM is awaiting final approval from the Department of Water for the abstraction and disposal of ground water contained within the pit perimeter. GEM expects that final mine approval will follow shortly after Department of Water approval is obtained. GEM has also completed significant other work in relation to the Geko Gold project, including commissioning a detailed independent bankable feasibility study in relation to the project.

All of which has an honest ring to it, I think you'd agree. And speaks to a project advancing in an orderly way through the usual permitting process.

It also points to genuine effort and enterprise, the building of a real project, by Golden Eagle.

A company quite unlike any cynical west-of-Perth cash-box with the clock ticking, and altogether too much reliance on legal chicanery and corporate shenanigans.

Anyway, here's another excerpt from the GEM Update:

GEM and its lawyers intend to vigorously defend Geko's claim.

Your directors remain firmly of the view that the Mining Proposal complied in all respects with the requirements of the Tenement Sale Agreement. Your directors consider that Geko's claim is an opportunistic attempt by Bulletin to seek to acquire the Geko Gold project for itself (through Geko), without paying for it. However, your directors consider that Geko's claim has no merit and will respond accordingly.

Separately to Geko's claim, Geko was required to pay GEM $60,000 pursuant to the Tenement Sale Agreement. GEM lodged a formal demand for payment of that amount with Geko but Geko has not yet paid the amount. GEM has therefore formally terminated the Tenement Sale Agreement (noting that the Geko Gold Tenements are now registered in GEM's name), but GEM intends to continue to pursue Geko for the outstanding amount.

Contra all the hoopla round here, I think I'd be pretty dismayed as a BNR shareholder. There certainly doesn't appear to be much happening.

It's not as though, with the renaissance of the gold industry in full swing, there isn’t plenty of opportunity out there.

Wouldn’t it be preferable to see your Board roll up its sleeves and put your money to honourable work somewhere out in the field instead of its present ethically questionable and evidently unproductive focus that has your share price going nowhere and your equity being shelled out mostly to lawyers?

Expand

Well this has suddenly got a lot more complicated.

Nowhere Man I think some disclosure is probably in everyone's best interests.

1) Do you have any professional relationship with GEM?
2) Are you a shareholder in GEM?

Also what's your opinion on GEM's cash position?
Do they have the funds to develop this project?

Thank you.

No.	Vol.	Price($)
1	12074	4.0¢

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12074

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4.2¢	200000	1

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4.2¢

200000

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1	100000	0.018
1	150000	0.016
1	66000	0.012
1	1000000	0.008
1	500000	0.001

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100000

0.018

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0.012

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0.001

Price($)	Vol.	No.
0.020	264696	2
0.022	19038	1
0.023	100000	1
0.025	138333	2
0.028	250000	1

Price($)

Vol.

No.

0.020

264696

0.022

19038

0.023

100000

0.025

138333

0.028

250000

(20min delay)
Last 4.1¢		Change 0.001(2.50%)		Mkt cap ! $12.33M

Open	High	Low	Value	Volume
4.1¢	4.1¢	4.1¢	$4.1K	100K

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