Ann: Diggers & Dealers Presentation, page-52

Yeah copperroad, now the BFS is out they are obviously chasing funding, and so you're probably right, they may have spoken with some funds who are now driving the price down in order to get the capital raising at a low price for bulk stock. I would prefer non dilutionary funding, from a fund. Sprott and others are offering 7.5% + Libor, which will be about 9% all up, which is not too bad when you consider the Lithium boys only last year were paying between 11% to 15%. EAR could pay that back in a little over a year, so I'd negotiate repayment schedules over 18 months, allowing for some wiggle room.

I'm expecting the funds want a capital raising at around 15 cents, but we'll wait and see. I'm not buying any additional stock until I see the details of the funding package, and I don't expect there is any hurry either, because if or when a capital raising component is announced, the stock price will bounce to that level for a while anyway, so it's likely to trade within this 14c to 17c range until a raising is announced.

The selling looks to me like copybook fund or broker exiting, knowing they are getting stock in an upcoming capital raising at a cheaper price. And I expect they already know the price that's being pitched by the brokers to EAR - insiders eh, they are the ones who always make the money.

Gw