Gator21, I think you should read gosouth's post as it raises...

Gator21,

I think you should read gosouth's post as it raises some interesting points should the company not be able to report its mineralisation under the JORC code.

In that situation it will make it very difficult for the company to report its plans and estimates for any mine to the public so the company might need to question what the point of the ASX listing actually is. The company is basically currently being funded by Drake who is a large owner and has been the sole source of funding for a while now. I'd say without JORC resources the company would struggle to raise money in the conventional way. It seems in my opinion to have become Drake's pet project.

Like any mining project BBX's projects will need to be bankable (ie be able to convince lenders to lend the company capital to build any mine and processing hub the company has planned). If the company can't publish details of those plans because the JORC code gets in the way, those plans will need to live behind closed doors like gosouth has said, which in itself raises a catch22 situation around ASX disclosure rules (ie we can't inform the market because we can't report under the JORC code but we do have something material that we know about behind our closed doors).

In the end with or without JORC the bankers (and/or Drake) will need to be satisfied that they have a more than likely chance of getting their capital returned with interests against the real risk. Remember the company is only trying to advance to a small scale trial. There is no imminent large scale mining in the company's current plans or hundreds of millions of dollars in revenue. While Drake stand behind the project it has life but I can't personally see a clear path to a scaled mining operation in my crystal ball. Esh