Ann: Intersections of Bonanza High Grade Gold Plus Visible Gold,EVN-ERM.AX, page-58

I said I missed the boat for the juicy gains and that was only a passing comment because I haven't studied the company closely enough. At a cursory glance I noticed that the project is in JV so when looking at ERM's market cap you need to realise it only represents a proportion of the value of the project. Does the project currently have a value implied by the ERM's market cap "multiple"? I can't say as I haven't looked closely enough. Often the juicy gains are the best gains and I have some reservations about the widths of the intersections (hence tonnages) from the announcement, which is frankly all I looked at. Maybe there is prior information that lifts the value case I just don't know. What I can say is that grades like these always give a good chance for a mine if they can come together to make a big enough resource so there are worse stories to be hanging your hat off. Good luck again. Esh