Ann: ELK commits to the Staged Development of EOR, page-8

re: Ann: ELK commits to the Staged Developmen... Hi DJ,

I don't see how the major shareholders have made money? They have risked more of their money to buy shares enabling us to fund the Ash Creek development. They won't make any money until this is producing, the share price rises and either there are dividends or they sell their shares at a higher level. In which case we all benefit.

They are risking a lot more $'s in this than us and it makes me more comfortable knowing we have cash to fund Ash Creek whilst we wait for the BLM to get their act together on Grieve.

HC