Ann: Milestone First Gold Pour - Penny's Find, page-26

Great news for ERL finally. I note the 21k ounce in the open cut reference and back of envelop numbers suggest they should still be able to net their target $6m free cash and have paid the Blue Cap working capital facility back. Hopefully they don't require the additional capital being requested at the AGM if they can mange the cash flow between now and when gold proceeds far exceed expenses. From the bit of scuttlebutt around Kalgoorlie I'm hearing, management still seem to missing a few operational and business skills but at least being made up of geologists hopefully they are right about the UG target as well. I see the comment on the blue cap debt but I'm thinking maybe it's a good thing Blue Cap have a hand on the reigns. Clearly the guy isn't dumb and he would be just as keen to ensure the debt is paid off and not wasted on following pots of gold at end of rainbows. I think that is a good thing for us but as I shared before I would be much more comfortable if he was in the equity as well. Just on that do we have top 20 shareholders ? Does anyone know if he is ? In summary, I'm still inclined to accumulate at these current prices. I would have thought the SP would have bounced by now. Maybe it's lagging as people been hanging on for so long they are slowing selling out ? Volume is still low though.. who knows. !