Ann: Investor Update - Precious Metals Summit, page-6

Hi BK, I feel and have said the same before that EVN is the controlling factor and key to ERM's low share price. In essence you do not move until we tell you to. Have a look at EVN.s takeover of Phoenix gold - certainly not a bonanza for the shareholders. One question to think about is how urgent is this project to complete for EVN who in the meantime have bought into Ernest Henry mine and prior to that the purchase of Cowal - both low cost,high volume producing mines. Edna Beryl may be part of the extended future.