Bdi Mining Share Discussion Threads

[doobydave] 21/3/2006 09:25

Very encouraging, and interesting too. I don't think I have ever seen a single drill hole intersect five zones of mineralisation before. In view of the visible gold I'm a bit surprised the grades aren't higher but perhaps that description applies to other holes where results are awaited.

Doing a bit of simple maths, this single hole adds up to 146 gram-metres. That's numerically equivalent to 10m of 14.6g/ton gold, and all at open-pittable depth. I know it's not as good in terms of amount of rock needing processing, but it gives some idea of the good news, not least because if the trend continues much further south, the contained gold could be huge.

Also interesting that BDI management felt they needed to RNS this on the basis of just one hole when other drill results are expected very shortly from the same campaign. Perhaps they're learning a bit of pr, but I prefer to think the significance warrants it - "it has the potential to add considerably to the currently defined resource."

Not too much longer to wait.
DD

[unionhall] 21/3/2006 09:18

Ged -thanks,
Nice to have management who believe that pi's are worth talking to and writing to.
Re Woodlark - no wonder they have been reported as being extremely pleased!!

[badtime] 21/3/2006 09:08

Ged..Thanks for that

[greg jenkins] 21/3/2006 09:04

Nice numbers from Woodlark drilling this morning. This project is turning out to be cracker!

[ged5] 21/3/2006 08:36

Received a reply this morning.

Because the statement mentioned funding was needed for Phase 2, I was worried that we were not producing enough from Cempaka as originally thought. It turns out that there is going to be a purchase of a mining fleet.

"The Company's main focus for Cempaka is maximising returns given the
buoyant market for diamonds. This will involve both reducing costs and
increasing production, hence the move into Phase II. To help reduce the
costs of mining, BDI Mining plans to purchase its own mining fleet (as
opposed to the current use of local contractors), and to facilitate the
increase in production, a new plant with larger capacity must be built. Cash
flow from Phase I will indeed contribute to this cost but additional funding
will also be required."

Also stated was

"Exploration at both Cempaka and on Woodlark Island are so far exceeding
expectations. "

As expected there was no comment on the WdB resignation.

I was also concerned about the take up of placement.

"Initial interest in this placing indicates that the required funds will
be raised.

BDI has under its control, two very good assets. The Company is one of the
few with a producing asset on AIM (Cempaka), and exploration results to date
point to Woodlark Island as potentially being a world-class deposit. The
challenge will be now to develop these two quality projects to the point
where shareholders derive maximum value for their investment."

Hope this helps others as it's helped me.

[ged5] 20/3/2006 20:16

Good to see you here jonwig.

Who knows? Woodlark is on an island so perhaps that will give some protection. Cempaka seems to be off the beaten track.

There appears to be some uncertainty with what's happening here at the moment. There have been speedy developments since I last spoke to the company. unionhall's report of a change to quarterly reporting was news to me and I just don't understand what's going on after the 2 announcements on Friday. Something obviously is or was in this past week.

I'm still awaiting a reply to my e-mail which might alleviate some of my concerns.

[unionhall] 19/3/2006 20:22

Doobydave -

We will not get the Feb sales results in the immediate future.

Thay have decided to change to quarterly reporting.

Or so I understand.....

[Abuse team] 19/3/2006 16:12

Post removed by ADVFN

[ofex punter] 19/3/2006 16:08

From Minesite.

One to watch next week will be BDI Mining where Williams de Broe resigned as broker and NOMAD after only a few weeks in the role and it has reverted to Ruegg and Hitchens - that must have been an interesting and expensive conversation. Chairman also gone. Something very odd going on there but no-one's talking at the moment.

[badtime] 19/3/2006 12:38

No...but then charts on ther own arent much cop either henri me ol china..so..bit more to the story plez

[doobydave] 19/3/2006 00:01

"Assays from drilling completed so far in 2006, are expected shortly, with management excited by visible free gold being reported in the drill core recovered from several of these holes." Interesting to see a picture of rock displaying visible free gold on the homepage of the company website.

This small detail in the last RNS appears to have been overlooked except by us lot, like everything else BDI does. Results should confirm high grades next week. We're also overdue February diamond sales. I think we're about to have a better week.

Very, very tempting to add, if I get a chance. As you say Rambutan, I seriously doubt we'll see 27p now, chart or no chart. Surely the placing price is the floor anyway?
DD

[Abuse team] 17/3/2006 18:37

Post removed by ADVFN

[greg jenkins] 17/3/2006 18:34

Anyone know what diamond play David is referring to?

[andy] 17/3/2006 12:50

david,

Which one please?

[davidblack] 17/3/2006 11:19

So this was why the shares have been down, a funding at 28p.

This is getting a bit repetitive, last years funding was going to take them all the way and now this.

Interesting that Paul Loundon has left he has a new diamond play coming.

[ged5] 17/3/2006 11:16

Accelerated drilling programme to bring about 1million oz sooner.
Visible free gold.

Not surprised the market seems to like the announcement.

[ged5] 17/3/2006 10:39

Sorry, bit slow this morning. Just seen it. Not sure why WdB have resigned. Going to read the update more carefully before comment.

[ofex punter] 17/3/2006 10:38

Update and Placing

RNS Number:9743Z
BDI Mining Corp
17 March 2006



BDI Mining Corp.
3rd Floor,
20 Eastcheap,
London, EC3M 1EB
England
T: [phone]
F: [phone]



ACCELERATED DRILLING AT WOODLARK ISLAND GOLD PROJECT



LONDON - 17 March 2006 - BDI Mining Corp ("the Company") is pleased to report
the acceleration of drilling at the Company's 100%-owned Woodlark Island gold
project in Papua New Guinea.

The objective of the accelerated drilling programme is to meet the Company's
minimum bulk mineable gold target of more than one million ounces as soon as is
possible in the current year. Current resources at Woodlark Island are 655,000
ounces of gold, measured and indicated to JORC standards.

At present two drill rigs are working on the Kulumadau deposit, undertaking
step-out drilling on north and south strike extensions of the known measured and
indicated resource. An additional drill rig will now be mobilised to in-fill
drill the extensions of the Kulumadau deposit, and to measure currently defined
step-out resources to JORC measured and indicated categories. A fourth drill rig
will also be utilised to test other mineralised zones elsewhere on the island.

Assays from drilling completed so far in 2006, are expected shortly, with
management excited by visible free gold being reported in the drill core
recovered from several of these holes.

To fund the accelerated drilling program at Woodlark Island, and to provide
working capital for the initial stage of expansion of the production at the
Cempaka Diamond mine in Indonesia, the Company has placed 16,000,000 common
shares at 28p per share, and #0.5M of 8% 2009 Series A Redeemable Convertible
Loan Notes to raise a total of #4.980 million before expenses. The Notes convert
to common shares at 42p per share, and each #10,000 Note carries 5,000 Warrants
to purchase common shares in the Company at 35p at any time up until 31 January
2009. The shares rank pari passu with all other shares and are expected to be
admitted to the AIM Market of the London Stock Exchange from the commencement of
trading on 22 March 2006.

Pursuant to the above placing, Teather & Greenwood Limited have applied for
5,400,000 shares which will equate to 5.53% of the total shares in issue on
admission of the new shares to trading.

In addition, the Company would also like to report the following Board changes.
Paul R. Loudon has stepped down from his position as non-executive Chairman, to
pursue other business interests, and in the interim, has been replaced as
non-executive Chairman by David Lenigas, a non-executive director of the
Company.

Mr. Lee K. Spencer, Managing Director of BDI Mining Corp said: "Mr Loudon leaves
the Company well funded, with two excellent mineral projects under its control.
On behalf of BDI Mining Corp, I would like to thank Paul for his service to the
Company, and wish him all the best in his future endeavours".

[unionhall] 17/3/2006 10:31

Good news this morning I think....

"visible free gold being reported in the drill core
recovered from several of these holes."

Teather and Greenwood taking 5.4m share.

Placing out of the way so uncetainty ended.

[rambutan2] 10/3/2006 00:45

i added a few yesterday. anything under 30p seems too good to ignore to me.

[doobydave] 10/3/2006 00:22

Maybe so, Rambutan. Bit early to say, I think, but if wrong I won't need a handkerchief :-)