Ann: Quarterly Activities and Cashflow Reports , page-3

re: Ann: Quarterly Activities and Cashflow Re... there also was a payment of $72,000 ...

that's in addition to the $726,000 in Administration cost

++++++++++++++++++++++++++++++++++++++++++++++++++++

here is another interesting chart ...

only 3% shareholding by management / associates ... not much skin in the game in my opinion

I would like to see ELK management announce that they are underwriting the latest rights issue to shareholders ... now that would be a vote of confidence - and if they can't afford to underwrite the lot, then do a partial underwriting

and if shareholder approval is required for such a proposal (management underwriting the rights issue) - then hold a shareholders meeting and put it to the vote - I am sure it would be supported

what I like to see is management teams that are prepared to back themselves by taking significant shareholdings in the companies they are running - and unfortunatly that does not appear to be happening here

they appear happy to take the big salaries, but reluctant to invest much of it back into the company they are running

and that's not very encouraging for potential investors and shareholders