HanrahanToday I have joined HotCopper in my name solely to deal...

Hanrahan

Today I have joined HotCopper in my name solely to deal specifically with your continued defamation of me and my Board. Your lack of research, combined with your ignorance, puts you in an exposed position. But before I comment further on that point, let me help you out with the facts re Gammon.

Point 1- Bolnisi drilled up a resource on the open pit area
Point 2- it was independently calculated by leading consultant Helmann and Schofield, not by BSG
Point 3- a reserve was calculated by a second independent consultant, not by BSG
Point 4- The resource contained approximately 400,000 ounces of AuEq in total
Point 5- The resource was calculated at a 1 gram AuEq cut off, simply because our metallurgical studies proved that poor recoveries would be achieved by heap leach and acceptable recoveries would require a conventional CIL plant
Point 6- Whilst we purchased mills and other equipment, we did not build a plant and we on sold the equipment (not to GAM)
Point 7- we sold to GAM because they were refusing to transfer the leases into our name as they were contracted to do in order for us to be awarded the permit
Point 8- Then GAM lowered the cut off to 0.2 grams thus resulting in a larger calculated resource
Point 9- It was GAM that chose the heap leach route
Point 10- It was GAM that built the plant

All of the above facts are in the public domain, through the BSG and GAM reportings.

My colleagues and I have built 8 very successful mines over the last 17 years- a minute amount of research (e.g. my bio in the BSG Annual Report) would have enabled you to discover this.

Once you have done this research I want you to post a retraction of your comments plus an apology to me and my Board. If you don't I will be contacting the administrators to obtain your details through our solicitors.

Perhaps after you have apologised like a man you would like to come to our meeting on Dec 4 to learn some additional facts about your company.

Norman Seckold
Chairman
Bolnisi Gold NL