placement, page-46

I expect we are unlikley to hear anything before the vote and they ascertain how much money they have got to splash around. At this stage it looks like they will have around $8mil.

2 Questions, will we have anything to show once it is all spent???? Will it carry us through to self funding or is there more of this to come??? Of the $22mil in equity spent so far + millions of positive cash flow from SDS we have less than $1mil of that spent on acquiring the fields we own, the $21+ mil went to director fees, studys bothched exploration etc.

A lack of understanding of the importance of cashflow and the destructive nature of capital raisings at ELK has hit shareholders time and again.

It appears more thought process has been applied to Directors remuneration than was used to develop Ash creek.