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TO: COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

Market Cap

Cash

DATE: 29 APRIL 2011

QUARTERLY REPORT TO 31 MARCH 2011

Issued Capital

SUMMARY

Unlisted Options

Cash balance of approximately $4.84M as at 31 March 2011 following a capital raising of approximately $2.87M before costs and expenditure of approximately $1.05M for the quarter.

Exploration in the March 2011 quarter focused on:

Those PL’s which expire on 30[th] June 2011 namely PL 44/2004, 46/2004, 47/2004 and PL 48/2004 where soil geochemistry, IP and VTEM surveying was carried out to identify targets that were either drilled or will be drilled next quarter.

Substantial shareholders

Directors

VTEM anomaly at Dibete on PL 111/94.

Summary Of All Activities For The Quarter:

RC Drilling

RC Drilling for the quarter totaled 3264 metresin the following areas:
Dibete on PL 111/94 with one RC hole of 120 metres to test a VTEM anomaly

Registered Office

Shashe East at three prospect areas on PL 44/2004 with 14 RC holes totaling 1548 metres targeting soil geochemical, IP and VTEM anomalies.
Shashe West at five prospect area’s on PL 48/2004 with 6 RC holes totaling 840 metres targeting soil geochemical, IP and VTEM anomalies.
Dibete East on PL 47/2004 for two RC holes totaling 391 metres targeting soil geochemical, IP and VTEM anomalies.

Contact

Media Relations

Mmatsiane on PL 47/2004 for three RC holes for 365 metres targeting soil geochemical, IP and VTEM anomalies.

Laboratory results on RC drilling:

Assays results have been received for the drilling carried out at Shashe Old Workings indicating minor Cu mineralisation.
Other assay data for the drilling carried out at Shashe East and West and Dibete East are expected next quarter.

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VTEM Survey

Completion and preliminary data interpretation of the 3459 line kilometres VTEM survey. This included Shashe West and East blocks for 1359 line km and the Magogaphate Block including detailed surveys over Airstrip, Maibele North and Dibete for 1790 line km.
Identification of numerous (at least 70) VTEM anomalies in the preliminary data that will be subject to further follow up in the next quarter.

Soil Sampling

Soil sampling at PL 44/2004, 46/2004, 59/2008 and 360/2009 identified numerous geochemical anomalies during the quarter. A total of 3402 samples were collected for the quarter which have identified at least 16 new geochemical anomalies which will be ranked for follow up next quarter.

IP Survey

IP Surveys conducted over 26.55 line km on PL’s 44/2004, 0.85 line km on 46/2004, 5.4 line km on 47/2004 and 9.11 line km on 48/2004 with numerous targets identified, some of which were drill tested during the quarter.

Satellite Imagery

Satellite imagery interpretation over PL 158/2009 identifying two amphibolite belts with an estimated aggregate strike length of 30km, now ready for ground exploration.

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Tenement Update

Additional information was supplied to the DGS during the quarter in support of BML’s extension applications for PLs’ 111/94, 54/98 and 14/2003. The DGS granted these extensions in April 2011.
A new exploration PL application was lodged in the quarter in the Shashe area.

Figure 1: Map showing BML’s tenements. Colour codes show tenements currently pending extension, those already extended and those due for renewal at later dates.

Next quarter Exploration:

Using the Company’s growing data base of soil geochemical, IP and VTEM survey data and interpretations , an aggressive drilling program over the Dibete supergene mineralisation commenced in April 2011 and will move to the Airstrip Copper and Maibele North prospects over the next two quarters with the objective of defining JORC compliant resources.

The following is a detailed exploration report on each PL and exploration conducted for the quarter.

The Appendix 5B Mining Exploration Entity Quarterly Report follows the detailed exploration report.

DETAILED REPORT

Corporate Activity

Issue of Shares

During the quarter the Company raised $2,874,340 before costs to continue to aggressively explore its tenement portfolio. The funds were raised by a pro-rata non-renounceable rights issue of one New Share for every three existing Shares held, plus two free Attaching Options for each New Share subscribed. The Issue closed on 9 February 2011. A total of 35,929,251 New Shares and 71,858,502 Attaching Options were issued.

Also during the quarter the Company issued 1,366,668 fully paid ordinary shares at 10 cents each thereby raising $136,666.80 through Directors and employees exercising options.

Joint Ventures

The Company is seeking joint venture partners for its Botswana exploration portfolio. The Company will look at any other opportunities that may fast track the growth of the Company with the objective of enhancing shareholder value.

Exploration Activity

PL 110/94 Magogphate

Airstrip Copper Prospect

A review of the IP data at Airstrip Copper in the December Quarter resulted in a total of approximately 1900 metres of conductors being interpreted within the Airstrip Copper grid (see Figure 2). These anomalies have now been ranked based on existing data and further drilling is planned on selected areas of the interpreted conductors.

The only conductor drilled extensively so far is the conductor that contains the Airstrip Copper discovery holes (Figure 2) and the high grade intersections reported in 2010.

Some conductors have had no drilling to date while others remain under drilled. Conductors which have been previously drilled reported narrow or low grade intersections that may be similar to that surrounding the high grade intersections at the Airstrip Copper discovery holes. These conductors will have additional holes targeted at the best of the conductive zones. Conductors which have not been tested previously will have reconnaissance drilling carried out on them.

Additional IP is also planned for the June Quarter to extend the coverage of the current IP survey area to the west and south.

Reconnaissance lines will also be surveyed over areas of silver bearing multi element soil anomalies at the Magogaphate Gold prospect that have not been adequately explained by previous work. This area lies approximately 1300 metres southwest of the Airstrip Copper Discovery area along the regional structural strike.

A program of drilling of the surface copper anomaly present at Airstrip Copper will be undertaken in the June Quarter to search for a supergene copper deposit. Previous drilling by RST Exploration, trenching by BML prior to ASX listing as well as the recent trenching and the recent soil sampling program define a significant exploration target.

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Figure 2: Location of 1900 metres of identified conductors at Airstrip Copper in the Inverted Resistivity IP data. Some have had no drilling to date while others remain under explored.

Maibele North Nickel Deposit

VTEM Interpretation

Interpretation of the preliminary VTEM survey data over the Maibele North Ni-Cu-PGE deposit indicates that although the main trend of the mineralisation has been defined adequately in the past by drilling and 3D modelling, several conductive zones which cross cut the main trend of mineralisation have not been adequately tested by this previous drilling. This preliminary data is not good enough to allow detailed interpretations, which will be completed in the June Quarter following receipt of the final VTEM data in May. Drilling of the new VTEM conductors will then be undertaken together with further drilling within the area of the known mineralisation to allow the resource to be upgraded into a JORC compliant resource.

PL 111/94 Mokoswane

This tenement consists of four separate blocks that are residual blocks from a once much larger tenement.

A number of important prospects lie on this tenement including Dibete, Crescent and Mmamanaka.

Dibete Prospect

Location of the Prospect

The prospect is located in a small portion of PL 111/94 and overlaps to the east into PL 54/98 and 47/2004 and to the north into PL 47/2004 (Figure 3).

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Figure 3. Location of Dibete prospect, which overlaps to the east into PL 54/98 and PL 47/2004 on the basis of IP and GEOTEM anomalies and to the north is inferred to overlap into PL 47/2004 on the basis of geochemical anomalies and structure.

VTEM Survey

PL 110/94 was covered by the recent VTEM survey with a general spacing of 150 metres between flight lines. A detailed infill area was centered over the Dibete Prospect and the line spacing was reduced to 75 metres.

Interpretation of the preliminary data was undertaken to define targets that were previously known only from the GEOTEM survey and from ground TDEM surveys. A better correlation is now found with modelling between the VTEM and Dipole-Dipole IP data than between the VTEM and the ground TDEM surveys.

Additional prospects covered by the VTEM survey include the Crescent prospect that has Ni as well as Cu-Zn potential.

Further detailed interpretation of the VTEM data and reconciliation with previous drilling data will be undertaken on the final data in the June Quarter.

Drilling

A single hole was drilled on the Dibete prospect in the March Quarter to test one of two VTEM anomalies on the Dibete Prospect area. The VTEM target had been subject to a near miss from two previous holes targeted using IP data and previous ground TDEM as shown on Figure 4. This hole, DBRC025, intersected intervals of disseminated sulphides in the target area. Samples have been dispatched to the laboratory but results have not yet been received.

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Figure 4. 3D modelling of the VTEM anomaly 11365a and the IP data on line 5700E Dibete. Red arrow is the site of hole DBRC025.

Location of hole DBRC025 is shown on Figures 4, 5 and 6.

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Figure 5. Location of hole DBRC025 in relation to previous drill holes and to VTEM anomaly 11365a.

Future Program

Mineralisation is interpreted as consisting of a supergene oxidised copper concentration above the base of weathering that was derived from copper mineralisation observed in diamond core and in some RC cuttings below the base of weathering.

The location of the supergene mineralisation appears to be associated with fracture zones interpretable on satellite imagery where they are crosscutting ground EM and IP anomalies.

The supergene mineralisation in places appears to have come very close to surface and has been mined in the past on a small scale as shown on Figure 6.

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Figure 6. Satellite image showing Dibete Prospects with drill holes shown with red dots (above) and yellow pins (below) and ground EM anomaly axes shown in green. Copper in soil anomaly shown as brown outlined area. Previous shallow mining workings, which exploited supergene copper mineralisation, are shown in orange-brown.

The program in the June Quarter is to drill the interpreted supergene zone at Dibete using the soil copper and distribution as the first pass target areas to drill. Drilling will not be restricted to the currently interpreted highest priority areas. Further VTEM interpretation will also be undertaken on the Crescent prospect to assess remaining potential and the effectiveness of previous drilling.

PL47/2004 Gobe Shear

Dibete East Prospect

The Dibete East prospect is the continuation of the Dibete prospect, which extends out of PL 111/94 into PL 54/98 and then into PL 47/2004.

Soil Sampling Program

A series of soil samples were collected on seven lines covering two VTEM anomalies. Preliminary interpretation of the Niton portable XRF analyses indicated multielement base metal anomalies are present. Detailed interpretation will be undertaken following receipt of the laboratory analyses of the soil samples.

Location of the soil lines and the VTEM anomalies to be tested are shown on Figure 7.

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Figure 7. Dibete East VTEM anomalies, soil and IP lines and drill holes.

VTEM Survey

PL 47/2004 was covered by the recent VTEM survey with a general spacing of 150 metres between flight lines. A detailed infill area was centered over the Dibete Prospect and the line spacing was reduced to 75 metres.

Interpretation of the preliminary data was undertaken to define targets that were previously known only from the GEOTEM survey.

Two targets were defined at Dibete East, VTEM anomalies 11515a and 11555a.

The location of the targets is shown on Figure 7.

IP Survey

Four lines of IP at 100 metre spacings were completed over Anomaly 11555a for a total of 3.6 line kilometres.

Interpretation of the IP data showed very strong coincident chargeable and conductive zones, which were then modelled with the VTEM data to provide an alternate drill hole design for the vertical hole initially drilled on VTEM target.

The interpretation of the IP on line 8200E is shown in Figure 8.

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Figure 8. IP interpretations over VTEM anomaly 11555a at 39 metres depth (top) and 70 metres depth (Bottom). Conductor is shown in purple.

Drilling Program

One vertical RC hole was drilled into each of the two VTEM anomalies, for a total of 391 metres. Following completion of this drilling, an angle hole was proposed to test the IP chargeability zone as well as the VTEM conductor, and this will be drilled next quarter.

Samples from the drill holes have been submitted to the laboratory but no results have been received so far.

Location of the drill holes is shown on Figures 7, 9 and 10.

Mmatsiane South Prospect

The Mmatsiane South prospect consists of two VTEM anomalies named 11959a and 11980a.

VTEM Program

The Mmatsiane South prospect area lies within the recent VTEM survey with a general spacing of 150 metres between flight lines.

Interpretation of the preliminary data was undertaken to define targets that were previously known only from the GEOTEM survey.

Two targets were defined at Dibete East, VTEM anomalies 11950a and 11980a.

The location of the targets is shown on Figure 11.

Soil Sampling program

Soil samples were collected on six lines over a 500 metre strike length. Samples were analysed by a Niton portable XRF and also dispatched to the laboratory for reliable analysis.

IP Program

Four lines of IP were surveyed over the 11950a VTEM anomaly. The IP data and the VTEM data were used to define drill targets over the VTEM anomaly.

Drilling Program

Three drill holes were completed for a total of 365 metres. Intervals of sulphides were intersected and samples have been dispatched to the laboratory. No results have been received to date.

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Figure 9. Mmatsiane Prospect showing VTEM anomalies, soil and IP lines and drill hole locations.

Future Program PL 47/2004

A review of the soil data and VTEM anomalies including 11555a (Figure 10) will be carried out followed by target drilling if warranted.

At the Mmatsiane South project area the VTEM anomalies (see Figure 11) will be reviewed following receipt of the final VTEM data.

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Figure 10. VTEM anomalies at Dibete showing tenement boundaries in yellow. Interpreted targets are shown in the text boxes adjacent to anomalies 11555a, 11515a and 11460a.

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