B2Gold Half Yr Report

BTG earnings have just been released. In it they say that they are projecting another record year of gold production in 2014. With Company-wide production in 2014 from the Masbate, Libertad and Limon Mines expected to be in the range of 395,000 to 420,000 ounces. Plus with the first full year of gold production from the Otjikoto gold project in Namibia scheduled for 2015, the Company is projecting 2015 gold production in the range of 525,000 to 550,000 ounces. Then they say Subject to completion of the Papillon acquisition, a positive feasibility study, financing and permitting (which are not assured), the Fekola project provides the potential to help the Company's annual gold production to grow to approximately 900,000 ounces. This would mean that they expect Papillon to contribute between 350000 and 375000 ounces per year. I don't recall a production figure ever being quoted by Papillon. And with a current MRE of 5.15m ounces that equates to a mine life of between 13.7 and 14.7 years and this is before any new resources added (which we should have heard about by now IMO. In fact the news has dried up since the BTG acquisition announcement). We have been dudded by this offer IMO. Unless you don't want to be involved with a Canadian gold company or you would prefer to take the profits from Papillon now, perhaps the best way of maximising profit on Papillon would be to accept the scheme and own some of BTG as I think BTG could be double its current price once Papillon production kicks in. Any thoughts.