Bass Metals (BSM)

[Huang Chung]

Interesting little miner.

Market cap around $13m.

Operations based entirely on the west coast of Tassie.

Currently mining the reminants of the old Que River polymetallic mine. Operation is profitable, and provides them with cashflow for exploration.

The also own the old Hellyer mine, which was a big Aberfoyle operation in the late 80s/early 90s. Still some 800,000t of moderate to high grade zn/pb/cu/au/ag which they intend to recover. Also looking to mine the similarly sized Fossy's zone, which is an unmined extension of the Hellyer mine.

Currently, Que River ore is sold to Oz Mineral's Rosebery operation, HOWEVER, Bass have recently entered into an arrangement to buy the old Hellyer mill from Intec for the bargain price of $4m plus a capped royalty. They also pick up the Hellyer tailings (some 9m tonnes) and the Hellyer lease (which also brings some environmental costs and obligations).

Cashflow positive and around $3m in the bank.

Que River/Fossy's/Hellyer remnants and the Hellyer mill are all within walking distance of each other.

Whilst not the greatest resource base in the world, the fact that they have picked up a the mill that was specifically designed for that ore for next to nothing seems to have been a brilliant move (It would cost something like $50m to build a new mill).

Well worth a look in my opinion.

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=430714

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=433996

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=432773

[shasta]

Interesting little miner.

Market cap around $13m.

Operations based entirely on the west coast of Tassie.

Currently mining the reminants of the old Que River polymetallic mine. Operation is profitable, and provides them with cashflow for exploration.

The also own the old Hellyer mine, which was a big Aberfoyle operation in the late 80s/early 90s. Still some 800,000t of moderate to high grade zn/pb/cu/au/ag which they intend to recover. Also looking to mine the similarly sized Fossy's zone, which is an unmined extension of the Hellyer mine.

Currently, Que River ore is sold to Oz Mineral's Rosebery operation, HOWEVER, Bass have recently entered into an arrangement to buy the old Hellyer mill from Intec for the bargain price of $4m plus a capped royalty. They also pick up the Hellyer tailings (some 9m tonnes) and the Hellyer lease (which also brings some environmental costs and obligations).

Cashflow positive and around $3m in the bank.

Que River/Fossy's/Hellyer remnants and the Hellyer mill are all within walking distance of each other.

Whilst not the greatest resource base in the world, the fact that they have picked up a the mill that was specifically designed for that ore for next to nothing seems to have been a brilliant move (It would cost something like $50m to build a new mill).

Well worth a look in my opinion.

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=430714

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=433996

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=432773

Corporateraider

Basically BSM is still a small cap, cashed up & profitable, & expanding its production during 2010.

Cash makes up half of it's current market cap, after a sucessful capital raising.

The processing plant they bought (Hellyer) is being re-commissioned & will be able to handle more through put

The Fossey zinc-lead-copper-silver project is about to start producing Q3, so they are no longer a one mine company, that de-risks BSM.

Recent quarterly:

http://www.bassmetals.com.au/aurora/assets/user_content/File/asx%20releases/ASX_29%20Jan%20-%20Dec%202009%20Qtly%20Report%20-%20Activities%20and%20Cashflow.pdf (http://www.bassmetals.com.au/aurora/assets/user_content/File/asx%20releases/ASX_29%20Jan%20-%20Dec%202009%20Qtly%20Report%20-%20Activities%20and%20Cashflow.pdf)

It's more recent profit guidance to the market disappointed due to the low grades @ Que River, but that appears to be a one off.

http://www.bassmetals.com.au/aurora/assets/user_content/File/asx%20releases/ASX_11Feb2010%20Profit%20Guidance_%20Final.pdf (http://www.bassmetals.com.au/aurora/assets/user_content/File/asx%20releases/ASX_11Feb2010%20Profit%20Guidance_%20Final.pdf)

The dip in share price since provides a great opportunity for those with a longer term view.

My price target is 40 - 50c by end of year, which is still only a $70-85m market cap.

Current SP 21.5c

[corporateraider]

Shasta

Thanks for that. Yes, this year and next looks very interesting, but I am concerned that they don't have resources to carry on much beyond that.

They do have a huge tailings dam, but apparently the success in re-processing that is to have the capability to extract gold, which they don't have.

And the "elephant " hunt that the md is so confident of. Well let's see what they are able to find.

My valuation is slightly below yours but I am at 35-45 by years end.

[shasta]

Shasta

Thanks for that. Yes, this year and next looks very interesting, but I am concerned that they don't have resources to carry on much beyond that.

They do have a huge tailings dam, but apparently the success in re-processing that is to have the capability to extract gold, which they don't have.

And the "elephant " hunt that the md is so confident of. Well let's see what they are able to find.

My valuation is slightly below yours but I am at 35-45 by years end.

BSM - Operations Update :)

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=480579

A nice read for this growing bass metal producer

[shasta]

New BSM Presentation

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=481313

Market cap ~$38m, Cash making up ~$18m, leaving an EV of ~$20m for a profitable base metal producer, who are expanding production during 2010.

With the Zinc price having recovered,the new Fossey mine economics have improved substantially.

Remember BSM own the Hellyer mine, so when it's refurbished production will increase very quickly.

Current share price is $0.22

[shasta]

BSM - Presentation

Market Cap ~$40m, Cash on Hand ~$18.5m, expanding production, lots to like & undervalued

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=484775

[Huang Chung]

Encouraging, but I'd probably hold fire until there is something a bit more definitive on the exploration front. Exploration success will be the lifeblood to drive BSM forward.

[shasta]

Encouraging, but I'd probably hold fire until there is something a bit more definitive on the exploration front. Exploration success will be the lifeblood to drive BSM forward.

BSM - Latest Presentation

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=487646

BSM's management aren't shy in promoting the company!

[Huang Chung]

A lot of blue sky in that production profile chart Shas....still waiting on some definitive exploration success.

[shasta]

A lot of blue sky in that production profile chart Shas....still waiting on some definitive exploration success.

Another mine online Q4 2010 according to the presentation, will be interesting to see if they can keep to this timeline

[gambier33]

Never quite worked out how the Hellyer mill and tailings dam, with all the valuable metals left in it, ended up in BSM's hands. They had been assets that Intec (INL) trumpted on about a few years ago. INL is now well and truly in the penny dreadful league now and BSM has the upside.

[h2so4]

Another mine online Q4 2010 according to the presentation, will be interesting to see if they can keep to this timeline

I like this bit.................THE PRIME OBJECTIVE IS TO BUILD SHAREHOLDER VALUE

[gambier33]

BSM up 7.14% today on ASX. The market liked yesterday's announcement

[shasta]

BSM up 7.14% today on ASX. The market liked yesterday's announcement

BSM - Bank Facility Completes Mine Funding

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=488488

Very modest borrowings for the Hellyer Mine Project, with some headroom in case of cost overruns

Requires 30% hedging, & a equity based fee at "reasonable terms"

Am wondering whilst this will allow them to ramp up production, they already have a tight capital structure & could of got funding of $10 - 15m fairly easily with a capital raising, & they still would have few shares on offer!

[shasta]

BSM - Bank Facility Completes Mine Funding

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=488488

Very modest borrowings for the Hellyer Mine Project, with some headroom in case of cost overruns

Requires 30% hedging, & a equity based fee at "reasonable terms"

Am wondering whilst this will allow them to ramp up production, they already have a tight capital structure & could of got funding of $10 - 15m fairly easily with a capital raising, & they still would have few shares on offer!

BSM - Presentation "Tasmanian Minerals Council Forum"

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=491190

Cash still makes up roughly half BSM's market cap

Got to like the way Management promotes the company

[shasta]

BSM - Presentation "Tasmanian Minerals Council Forum"

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=491190

Cash still makes up roughly half BSM's market cap

Got to like the way Management promotes the company

BSM - Broker Research & European Roadshow

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=494153

Current share price $0.17

BSM's management really does promote the company, & this presentation highlights why BSM is undervalued

Broker Research - Target Price $0.35

http://www.bassmetals.com.au/aurora/assets/user_content/File/Research/BSM%20Research%20June%202010.pdf

Happy reading

Disc: Nil

[Huang Chung]

I'll be looking for some good results from drilling of the D Zone.

BSM still lacking a good resource to make full use of the Hellyer mill.

[shasta]

I'll be looking for some good results from drilling of the D Zone.

BSM still lacking a good resource to make full use of the Hellyer mill.

BSM - Operation Update

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=497069

Still ramping up (HMP) "Hellyer Mine Project" for December Quarter production

Still a micro cap, with plenty of potential

[shasta]

BSM - Operation Update

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=497069

Still ramping up (HMP) "Hellyer Mine Project" for December Quarter production

Still a micro cap, with plenty of potential

BSM - Positive Gold Processign Scoping Study

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=499018

Tidy resource 0.8m/oz Au, 32m/oz Ag for the Hellyer Tailings

Still looks "undervalued"

[Huang Chung]

I'll be looking for some good results from drilling of the D Zone.

BSM still lacking a good resource to make full use of the Hellyer mill.

Still waiting...

That tails reprocessing looks fairly high cost (and complicated), don't you think?

[shasta]

Still waiting...

That tails reprocessing looks fairly high cost (and complicated), don't you think?

The margins seemed alright to me, but yeah not the most simple of operations!

I'm still very bullish on silver & by the time they are producing i would expect silver to be north of $US20/oz, so i guess the entire project is leveraged to the price of silver, plus the 800,000/oz of Gold is a nice bonus too

BSM are moving away from just having the one mine/project in production & i guess i like the upside in the fact the market cap is still low (tight capital structure)

[shasta]

The margins seemed alright to me, but yeah not the most simple of operations!

I'm still very bullish on silver & by the time they are producing i would expect silver to be north of $US20/oz, so i guess the entire project is leveraged to the price of silver, plus the 800,000/oz of Gold is a nice bonus too

BSM are moving away from just having the one mine/project in production & i guess i like the upside in the fact the market cap is still low (tight capital structure)

BSM - June Quarterly Activites & Cashflow Report

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=499820

Another great story, mining micro cap, profitable & expanding production, still undervalued with new near term projects

Cash in hand ~$9.5m @ 30/6/10

[gambier33]

Still waiting...

That tails reprocessing looks fairly high cost (and complicated), don't you think?

Hi Huang, the tailings were produced by Aberfoyle (and then Western Metals). It was common knowledge at the time in Tasmanian mining circles that the Hellyer mine's poly-metallic ores were about as complex as they came. I believe a metallurgist, Dr Geoff Richmond, designed the circuit that eventually extracted concentrate but left some minerals in the tailings. At the time, most who understood metallurgy (not me, I'm afraid), were in awe of the circuit Richmond designed. It got blood out of stone!

So it doesn't surprise me that, in 2010, it's still a complicated process to get more wealth out of the tailings. Smart people have had another 20 years to think about how to do it.

[Huang Chung]

Hi Gambier

My best mate was a metallurgist with Aberfoyle at Hellyer when they commissioned the mill. He was at Luina before that.

Yep...he's told me it was a difficult ore to process.

[shasta]

Hi Gambier

My best mate was a metallurgist with Aberfoyle at Hellyer when they commissioned the mill. He was at Luina before that.

Yep...he's told me it was a difficult ore to process.

HC

Reading between the lines, is it still possible to process the ore by another method, or are the costs too prohibitive

Is that the real issue, the costs to process it, or simply being able to, i dont quite understand?

[Huang Chung]

Hi Shasta


"The resource contains 0.8 million ounces of gold and 32 million ounces of silver, with the
gold being highly refractory associated with sulphide minerals and hence specialised
recovery processes."

I don't believe there was ever a gold circuit ay Hellyer, I presume because of the refractory nature of the ore.

From wikipedia:

A "refractory" gold ore is an ore that is naturally resistant to recovery by standard cyanidation and carbon adsorption processes. These refractory ores require pre-treatment in order for cyanidation to be effective in recovery of the gold. A refractory ore generally contains sulfide minerals, organic carbon, or both. Sulfide minerals often trap or occlude gold particles, making it difficult for the leach solution to complex with the gold. Organic carbon present in gold ore may adsorb dissolved gold-cyanide complexes in much the same way as activated carbon. This so-called "preg-robbing" carbon is washed away because it is significantly finer than the carbon recovery screens typically used to recover activated carbon.

Pre-treatment options for refractory ores include:
Roasting
Bio-oxidation
Pressure oxidation
Ultrafine grinding
The refractory ore treatment processes may be preceded by concentration (usually sulfide flotation). Roasting (http://en.wikipedia.org/wiki/Roasting_(metallurgy)) is used to oxidize both the sulfur and organic carbon at high temperatures using air and/or oxygen. Bio-oxidation involves the use of bacteria that promote oxidation reactions in an aqueous environment. Pressure oxidation is an aqueous process for sulfur removal carried out in a continuous autoclave, operating at high pressures and somewhat elevated temperatures. Ultrafine grinding may be used when liberation of gold particles from the surrounding mineral matrix is the primary refractory characteristic of the ore.

Hence.... the complexity and cost of the various solutions.

Well, that's how this non-technical person understands it.

[shasta]

Hi Shasta


"The resource contains 0.8 million ounces of gold and 32 million ounces of silver, with the
gold being highly refractory associated with sulphide minerals and hence specialised
recovery processes."

I don't believe there was ever a gold circuit ay Hellyer, I presume because of the refractory nature of the ore.

From wikipedia:

A "refractory" gold ore is an ore that is naturally resistant to recovery by standard cyanidation and carbon adsorption processes. These refractory ores require pre-treatment in order for cyanidation to be effective in recovery of the gold. A refractory ore generally contains sulfide minerals, organic carbon, or both. Sulfide minerals often trap or occlude gold particles, making it difficult for the leach solution to complex with the gold. Organic carbon present in gold ore may adsorb dissolved gold-cyanide complexes in much the same way as activated carbon. This so-called "preg-robbing" carbon is washed away because it is significantly finer than the carbon recovery screens typically used to recover activated carbon.

Pre-treatment options for refractory ores include:
Roasting
Bio-oxidation
Pressure oxidation
Ultrafine grinding
The refractory ore treatment processes may be preceded by concentration (usually sulfide flotation). Roasting (http://en.wikipedia.org/wiki/Roasting_(metallurgy)) is used to oxidize both the sulfur and organic carbon at high temperatures using air and/or oxygen. Bio-oxidation involves the use of bacteria that promote oxidation reactions in an aqueous environment. Pressure oxidation is an aqueous process for sulfur removal carried out in a continuous autoclave, operating at high pressures and somewhat elevated temperatures. Ultrafine grinding may be used when liberation of gold particles from the surrounding mineral matrix is the primary refractory characteristic of the ore.

Hence.... the complexity and cost of the various solutions.

Well, that's how this non-technical person understands it.







Thanx HC

My head hurts after that, im going to go lie down!

[shasta]

Thanx HC

My head hurts after that, im going to go lie down!

BSM - Nice Update on this small but profitable & expanding resource company

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=504991

Cashed up & with additional cash facilities available for when the expand production of the Hellyer mine

[corporateraider]

Shasta
This should be in the money for you by years end!

[shasta]

Shasta
This should be in the money for you by years end!

BSM started the year/comp @ $0.255, so i'm hoping Hellyer mine will push it back into positive territory.

Still think 35 - 40c is achievable this year

Disc: Nil (Just one of my ASX picks)

[Huang Chung]

Still waiting for a set of good assays from new drilling....

[shasta]

Still waiting for a set of good assays from new drilling....

BSM - Project Financing Complete

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=506813

The $12m facility for the Hellyer Mine project has been drawn down

Bit disappointing that RMB Resources get 3m unlisted options (with a 3 year term) @ just $0.228, i would have liked 30c as a minimum!

[shasta]

BSM - Project Financing Complete

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=506813

The $12m facility for the Hellyer Mine project has been drawn down

Bit disappointing that RMB Resources get 3m unlisted options (with a 3 year term) @ just $0.228, i would have liked 30c as a minimum!

BSM - New high grade intercept confrims Switchback potential

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=507020

Nice zinc & lead grades, with gold & silver credits, i expect BSM to drill out a resource from this recent discovery

[shasta]

BSM - New high grade intercept confrims Switchback potential

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=507020

Nice zinc & lead grades, with gold & silver credits, i expect BSM to drill out a resource from this recent discovery

BSM - New Mineralisation Zone Discovered East of Fossey Mine

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=508135

2.5 metres at 0.3 % copper, 3.8 % lead, 6.3 % zinc, 56 g/t silver and 1.8 g/t gold;
• within a 25 metre zone of alteration 50 metres east of the Fossey Deposit;
• interpreted as the top of a new high‐grade massive sulphide lens; and
• in close proximity to Fossey Mine infrastructure currently in development.

This is a very exciting growth opportunity for the Hellyer Mine Project to extend or increase
production of zinc, lead and copper-precious metals concentrates if further drilling confirms the
down dip expansion and continuity of the high-grade massive base metal sulphide zone

[upside_umop]

This one is well into fruition now, Shasta.

It's always attactive when companies buy productive assets well under book value, such as the mill. That is provided they can ride out the storm, which they appear to have done.

[shasta]

This one is well into fruition now, Shasta.

It's always attactive when companies buy productive assets well under book value, such as the mill. That is provided they can ride out the storm, which they appear to have done.

BSM - Operations Update & New Production Growth Initiatives

http://www.stocknessmonster.com/news-item?S=BSM&E=ASX&N=509179

Key points:

• Mine development and Mill refurbishment on track for first concentrate sales in January
2011.
• 25% increase in forecast earnings before interest and tax (EBIT) for Fossey Mine from
$55M to $69M by incorporating current metal prices.
• Increased production by mining of lower grade disseminated mineralisation, possibly with
a pre-concentration circuit is being investigated to increase mill utilisation, lower unit costs
and increase cash flow.

BSM also provides good leverage to the Zinc price

[shasta]

Corporateraider

Basically BSM is still a small cap, cashed up & profitable, & expanding its production during 2010.

Cash makes up half of it's current market cap, after a sucessful capital raising.

The processing plant they bought (Hellyer) is being re-commissioned & will be able to handle more through put

The Fossey zinc-lead-copper-silver project is about to start producing Q3, so they are no longer a one mine company, that de-risks BSM.

Recent quarterly:

http://www.bassmetals.com.au/aurora/assets/user_content/File/asx%20releases/ASX_29%20Jan%20-%20Dec%202009%20Qtly%20Report%20-%20Activities%20and%20Cashflow.pdf (http://www.bassmetals.com.au/aurora/assets/user_content/File/asx%20releases/ASX_29%20Jan%20-%20Dec%202009%20Qtly%20Report%20-%20Activities%20and%20Cashflow.pdf)

It's more recent profit guidance to the market disappointed due to the low grades @ Que River, but that appears to be a one off.

http://www.bassmetals.com.au/aurora/assets/user_content/File/asx%20releases/ASX_11Feb2010%20Profit%20Guidance_%20Final.pdf (http://www.bassmetals.com.au/aurora/assets/user_content/File/asx%20releases/ASX_11Feb2010%20Profit%20Guidance_%20Final.pdf)

The dip in share price since provides a great opportunity for those with a longer term view.

My price target is 40 - 50c by end of year, which is still only a $70-85m market cap.

Current SP 21.5c

BSM currently @ 39.5c - a last wee surge into the 40's will help me in the ASX comp (GIR has down wonders of late) & my prediction will come good!

Corporateraider - you still holding?

[corporateraider]

Gidday Shasta
Yes I am still holding BSM. I see even bigger prospects for 2011. They will be mining and as the mine has operated before there should be few teething problems. And the volume that they will process suggests a very good profit. I am struggling to put a number on it but I think in the region of 20 to 40 mill.
What pe will it trade at. The low but increasing ore body works against a higher one; as does the volatility in base metal prices. PEM for example has a very low pe. Having said this I still see a strongly appreciating share price and a year end target (2011) of 70+ seems realistic. I may pick it in the 2011 picks.
GIR, my biggest stock, has been an absolute winner for me. Thanks to you and HC for talking it up and making me a believer! Have a good Christmas and I look forward to your great analysis in the new year.

[Joshuatree]

Hi guys. I really like the 47million oz silver resource they have as well. Production of 1 million oz a year ramping up to 3to 4 million oz per year. One of my bigger holdings. cheers

[Joshuatree]

Unexpected T/H, cap raising announced today. May see s/p back below 40c.Hoping buy more in this area, will await details.

[Joshuatree]

Been an "event "at the mine ,announcment nxt week. Maybe water issues .No loss of life but could have been by the sound of it. Bummer this will hurt the already weakening shareprice.Could be a great time to buy in if the event is not too major.

[Huang Chung]

Got the impression off HC that they were lucky there was no loss of life, so it sounds like something happened fast, presumably somewhere down the decline. I was reading the Coffey geotechnical report from 2009 before, and it looks to this untrained eye like the conditions underground range from very stable to quite unstable, with numerous faults. So, at a guess, it sounds like something must have left go underground.

Probably putting one and one together and coming up with three, but some sort of slippage or cave in UG would be my guess.

[Joshuatree]

Down to 21c after announcement mkt cap now re $60 million. Water looks like being sorted and Head grade zinc been down for 3 or 4 days ,maybe 1 stope disapointing. The resource definition Drills were 25 metres apart so hopefullya short term anomaly. Work underway to update the resource model in 3 ,4 weeks. Ore still being produced at planned rates. So maybe another quarter or so to get the mine in the black. Then of course theres the treasure in gold and silver in the tailings. But with this weak market may not be a need to rush in or top up yet ,the price sure looks tempting to me however.

[Huang Chung]

I dunno Joshuatree....lots of beaten down stocks with no operational issues to pick and choose from. I think I rather try one of them than risk it on BSM at the mo.

[soulman]

Lucky to have got this out of the way on the 31st. One week is a long time. A good move out of plenty of bad one.

This is a hard slog market and I suppose the shorters are having a good time.

BSM is better off left alone for the time being.

[Joshuatree]

Sorry re mkt cap ; was actually down to $40mill odd now re $45million ,amazing.Got to look at this stock longer term .The long term story still the same with 2 million!!! oz gold equivalent in the above ground tailings. The Hellyer mine is on track despite probs in the commisioning/ramp up stage. Target is 480,000 tonnes thruput year at say $60 profit tonne(with lower metal prices factored in) before tax profit of re $29 million even at 400,000 tonnes $24million. Increased my holdings by 20% today Shareprice up 3 cents today,im not alone:)

[Huang Chung]

What's left to say but good luck with your investment joshuatree.

[Joshuatree]

Huang Chung you too mate. I only have a handful of stocks in Aus now mostly goldies and BSM. Sitting on alot of cash waiting for better times cheers

[Joshuatree]

Major growing pains happening with BSM.T/H for 3 weeks or so for fundraising. Its going to take a while to get momentum ;make some dosh now and management credibility in question over issues such as wet metal tonnes being reported instead of dry!!!. Maybe trying to grow too fast and also water issues and temp grade dips etc ,not an easy mine this. All is def not lost however,my sentiment is lowered to hold and fortune may favor the brave when it relists.

[Joshuatree]

BSM announced today 1 for 3 @ 15c plus a free 2014 option with 20c to conver sep 2014. Whata carrot. suggestions oppie worth 3c. BSM last traded @ 22c before T/H. Will take mine up . Longterm the gold and silver tailings are the prize.

[soulman]

What a disaster for this debt riden miner. I predict BSM to be RIP in the next 6 months.

[Joshuatree]

Go on rub it in!!! Again Go on rub in in!!!! Again.:scared: My biggest loss ever!!!. "A mine is a hole in the ground owned by liars":mad ;: Oh well salavie heres bouncing around the bottom of the stock pick comp for a while:( How many stages of mourning are there?;)

[drillfix]

I recall a few years back Bass Metals started out as a pretty reputable company and now it seems to fade off into the darkness of doom.

Kinda like the Uran story but worst? I dont think so, as the Problems with some CEO's or most Board Members on most ASX listed companies, they are Liars, but they dont actually realise that is what they are because of the perception of spin they seem to convince themselves and thus their shareholders of.

Eventually when things do not unfold, the guilty or responsible Directors step down and move out of the picture, however from my Experience (as too many others experience) is that we had been completely lied to with the CEO (she/her/devil) knowing she was because she had convinced herself otherwise.

There is an actual Business/Corporate Culture out there who ride the wave of ASX listed companies and a list needs to be made up by some caring Australians or NZ'ders who wish to expose these frauds, and track each move and failure they make as it is big business for them who scam people just like You, Me, the Little old Lady down the road and so on.

Corporate Law seems to protect these Monkey's and they know it.

All I can say is watch the movie in my Sig below called Thrive, it explains all. And once you do, tell others also, and thus eventually it will lead to the demise of these Aholes who continually suck the blood out of the common human being.

[soulman]

Sorry to hear JT. Definitely not rubbing it in. Although if you see HC and my comment a page earlier, we were sounding alarm bells to holders out there.

I have learned from my NAV adventure although in NAV, at least I recover over $1K from their right issue at 2 cents and their free options (NAVOB). Lucky to sold those too for 3 cents and 1 cents respectively. NAV could be joining BSM soon in the dog house, along with AXM.

I post on BSM because I didn't even realised they were 1.6 cents. Just going through my watchlist and saw them on Fri afternoon. Took me by suprise.

[Joshuatree]

Soulman BSM is better off left alone for the time being.[/QUOTE] I take notice of reasons not God Ramps