Tuesday, December 25, 2012

Olympus Pacific Minerals Is Now Besra Gold

Sometime in the last five months, Olympus Pacific Minerals changed its name to Besra Gold (OYM.TO).  I have no idea why they did this and I don't even care.  I only care about a company's fundamentals.

The management bios they have on their corporate site are the least descriptive of any mining company I can recall in recent memory.  Nowhere in the CEO's blurb is any description of exactly which positions he's held in the resource sector.  His bio sketch does inform us that he's an avid oarsman.  Wait, there's more.  The group exploration manager's bio says that"he knows what he's talking about" when it comes to geology.  Another guy's bio says he loves grilled cheese sandwiches.  Another guy says he holds a "Batchers degree."  I can't take this seriously.  My own corporate FAQ and professional biography are probably the least serious of their kind in the finance sector, but that's because I can afford not to care what anyone thinks of me.  A junior mining company is in a different position, especially if it has to raise capital.

They have properties all over Southeast Asia.  Only their Phuoc Son property in Vietnam has both proven and probable reserves at this time.  That site has some really compelling grades but I can't find the 43-101 report anywhere on the corporate site that provides confirmation.  They have one quarterly financial statement as of September 30, 2012.  Besra lost US$3.7M in that quarter and has US$4.4M in cash on hand.  These folks are hanging by a thread.

Hey, Besra people.  If you're serious about mining then please polish your executives' bios.  Also, show us all the actual 43-101 reports you used to create that summary table.  Oh, BTW, try to make a profit.

Full disclosure:  No position in Besra Gold (or whatever it's called) at this time or any time.