Ann: Notice of Initial Substantial Holder for ERX, page-4

This stock keeps ticking boxes for me and as per previous post. I remain encouraged by:

- Extensive exploration activity already announced for Q1 should generate positive newsflow 

- Rebecca and Jennifer has proven to be high potential resource with strong grades and extensions

- Previously announced new strong intercepts associated with therecently discovered ‘Laura Lode’ mineralisation 

- Returns and in specie distribution from west africa now confirmed, increasing share value once factored into price 

- Coite Devoire has strong prospects through EXR with proven ground already, and new exploration activity currently underway

- Yindi another possible minable gold resource

- Louisa emerging as good nickel prospect

- Directors converting options (albeit at low prices) but continues to be a tightly held stock

- AOP is clearly not a one trick pony and has cash to cover activity in Q1/Q2 as being managed prudently

Last year was not good for small caps in current market, but has held up quite well. With a turn in the market, would expect this to be back testing highs in mid 20's and as results come through, has potential to move higher.

Keen to hear what others think???