Hi robertp 21/6/16 bankable feasibility study gives mining costs...

Hi robertp
21/6/16 bankable feasibility study gives mining costs of $1,086/oz - unsure if that includes toll as well but would assume so
the $7.5m needs to be repaid to Blue Cap but so does the $2.3m of costs on top of that = $9.8m. i'm unsure if the $2.3m is payable at maturity of the 7 month loan or if that is payable at a later date (one would assume not). if the announcement on 22/5/17 for mining commencement was also the beginning of the debt facility then we will have until 22nd Dec to pay them back (it is a bit unclear when the 7 months started exactly)
They will also owe $264k to Stocksonline by January and have $335k unsecured debt to a director.
Receipt of $2m in early Oct from Lakewood mill campaign, and rough calcs for $1.8m at Burbanks (which appears to have been completed according to MXR) equals $3.8m, but haven't heard much about ore being trucked to other mills or in addition to what's already been processed. considering it takes a month at least to process $3.8m of gold at two mills they'd better get moving asap or at least provide us with some more light.
assuming the costs are similar as previously forecasted and based on $1650/oz AUD there's a potential profit of $5m for ERL (60% of profit from project) if they are able to get through this debt repayment. and then there's the underground which seems promising for another few million