Makes Perfect Sense

Well I just can work it out.....
I have a few theories as that's about all we can do seeing as ERL management has gone dark.
Who would pace orders close to the market price for 6 million shares when everything has come to a standstill. I can only assume that someone oknows something and things are about to improve , or the management are loading up the buy side with their own shares to try and save a few few remaining shareholders from dumping and losing out.
Odd.

Facts-
1. Penny's find has great potential to make money.
2. Bank Feasibility in place.
3. Gold price is still holding up well
4. It has the potential to make money in a short period of time
5. Most of the set up expenses have already been made- Road, Civil, Permits, infrastructure.
6. Ore processing deal in place.
6. Management team has the required skill set to get this to production, and have been with the company for many years and this project has been in the planning for nearly just as long
5. Other good mining opportunities owned by ERL.
7. They appear to exercise reasonably good management of company funds
Unknown Facts-
1. Why the shareholders haven't been kept up to date with recent delays/ changes in the proposed schedule to production.
2. Why a transport contractor has taken so long to finalise
3. Why a mining contractor was appointed and then cancelled and a new one has not been appointed
4. What the management team has been working on for the past 6 months as it is becoming more evident as time goes on that there is not a lot of behind the scene activity happening in as far as starting production goes
5. How and when they intend to commence mining.
6. Who is going do the actual digging.


Why was NRW chosen so close to the planned production date, I recall the were getting quotes for this mid last year.
I can bet the NRW Deal with 9% was never in the Feasability study and so major shareholders have not approved. Was the NRW Deal an inside deal altogether. I mean the Cap Raising was done to provide cash flow to production based on the quotes, milling deal and operational costs. Did someone stuff up the figures and under budget the project? Was this why things went south with Mr Noregaard?
Did the legal case around Noregaard have anything to do with the legal documents not getting to approval to Engage NRW.
Why did the NRW not get finalised. I doubt NRW would have pulled out of the deal with easy money to be made here so obviously someone or entity within ERL refused to sigh of on the deal.

I personaly think ERL under budgeted the Cap raising by a fair amount somehow and realised afterwards. This is why they have taken so long to get in to production. They may be trying to work out a solution or deal off the table that does not involve a cap raise.
Only other reason could be a legal dispute stalling the progress.

Either way I wish they would let us know.