good research report, page-44

Hi Gwaihir

It'll be nice to discuss the things with you here. You are in my favourites.

I bought some around 55c but I was keeping my mouth shut for picking up more shares at low 50c. When it came down to 49c, I didn't buy. I didn't like its chart that time, the chart was showing more decline for the sp. Therefore I preferred to wait. Then the bad doctor made a surprise to us and gave the sell recommendation. I thought that was a very big opportunity. And I bought a considerable amount yesterday.

The chart was showing that 38c-39c was the bottom IMO.

This is extremely cheap price for ELM. $95MM market cap can't be justified for this resource. It's market cap is at least $250MM which would give you at least $1 share price.

As you know I have made so much research for this resource and company, I know it very well. I know it even better than its biggest shareholders.

You may remember our ex-director one of the guys who bought this resource; Garry Thomas bought a lot of shares at 90c. Now it's less than half of that price.

I am hoping that this management problem is going to be resolved. Everybody is good in our management other than useless Ian Stalker IMO. (he should be sacked immediately). But they sit on the wrong chairs.

MacPherson is very good in technical issues, and he is a good man. I have no doubt about it. But he is not a good as Managing Director IMO. The share price tells that to me.

We need someone as a CEO or MD who can oversee all of the corporate issues. I think we can talk more about these issues later. (I need to buy more next week)