If the JV distributed $1.2m and there could be another $830k to come from Burbanks, then that makes about $2m from the Open Pit. Didn't the feasibility study announced by ERL have a $7.6m profit at $1500 p/oz and at $1700 p/oz that profit should have risen to $11.6m based on 20,000 oz’s. So if they have made $2m, what has happened to all of that profit? Clearly some of it has gone to Blue Cap, but what about the rest?
Ann: Pennys Find Gold Mine - Lakewood Milling Results to Date, page-5
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