Lets look at where ERL is at right now.
7,837 oz gold at $1600 = 12.5 million in cash. Currently 84,000 tonnes processed.
Penny's find has 21,000 oz in the open pit (I am very skeptic about this) at 140,000 tonnes.
Currently have 25,000 tonnes high grade ore ready to process, estimating at 6g/t is approximately 4,500oz.
Based on the last announcement we would have total 110,000 tonnes ore. Still need other 30,000 tonnes of high grade gold. This is where we SHOULD becoming cash flow positive.
Management are really BAD at communicating to shareholders.
Good luck all
Ann: Quarterly Activities Report, page-2
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