1.      Coverage started in the June 2003 Journal at $0.72 with an “accumulate“call.  We were attracted by the proven mine finders on the board who had made big money for HRA readers in the past with Arequipa Resources (a 3000% gainer) in the mid-1990’s, also in Peru.  We realized the company was planning to test a large number of projects and dispose of those that didn’t meet their objectives quickly.  We knew that could lead to weakness, the reason for an opening accumulate rating, moved to “accumulate on weakness” a month later. 

2.      The stock began moving up on increasing volume as Bear Creek acquired a number of properties in southern Peru, many with bulk tonnage silver potential.  We highlighted BCM in Special Delivery #210 in November 2004 when we reviewed the sampling results from the Santa Ana project  with management “With Santa Ana as a lead element and a rejuvenated  property portfolio, we reiterate the Spec Buy and expectation the stock will move through the $1.00 level while further targeting is being done”.  

3.      In the March 2005 Journal we reported on further sampling from Santa Ana and from another project that looked even more interesting—Corani.  We repeated our Spec Buy position with the comment that “this is the best looking pair of targets BCM has had for some time and this management group will have no trouble getting the market’s attention if the drill results live up to expectations”. 

4.      The focus on Corani increases in the May 2005 Dispatch. We noted again that “the potential of the target and the strong market backing of BCM means it can move up quickly if drilling proves the zone has some depth.” 

5.      In the June 2005 Journal we include a major update on BCM which is now drilling Corani.  We accompany our Spec Buy rating with the statement that though many were waiting for drill results “in this sort of oxidized environment silver as often as not has actually been leached at surface and can be higher in drill holes….it looks like Corani will be the next silver project to post big numbers...its definitely a bet worth placing”. 

6.      We issue Special Delivery #240 after BCM releases the sort of results we hoped for and rockets upwards by 70% in one day.  We maintained the Strong Speculative Buy rating commenting that “now that drilling has confirmed surface results we expect BCM and Corani to be another big win”. 

7.      The Spec Buy was renewed in Special Delivery #251 when new drilling proved the Corani zone extended under “post mineral” cover, opening up new areas for deposit expansion.

8.  BCM received weaker than expected metallurgical results and though we still liked the project we told Special Delivery #257 readers to hold or take profits and await developments.  

9.    Soon afterwards, in the January 2006 HRA Dispatch we signalled that the profit taking was over and the upward move should resume with climbing silver prices and more drill results and moved it back up to accumulate.. 

10. In Special Delivery #274 we commented on the next up leg in BCM’s price gathering steam…”The surprise was the extent of price move on the stock on low volumes.  Clearly there are few motivated sellers - Accumulate”

11. BCM continues to be a power house stock, magnifying the gains for HRA readers.  We think it’s a great company but even so we said, in the November 2006 Journal “We should take the advice we keep drumming into readers and make sure we are playing with “house money”. BCM is up over 1500% and its time to take some large gains.  Its been spiking upward in price  - use the next spike to lock in a large profit by selling part of the position while holding the balance at a sub zero cost for as a silver hedge and take over target.”  Shortly afterwards, BCM spiked up to $11.50, its all-time high to date and fully 1500% above the HRA entry price.

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