seeing that mxr, and ero are sister companies - or keeping to the tone of xmas - maybe mxr, was begat by fms, and a child (ero) was born. mxr , are of course the major shareholder in ero, and like ero, they got sucked into some alluvial mud hole, from which they want to produce some gold.
ero have released a independent report, in relation to the lithium prospects. at about page 29 of the report, there is some mention about the ero alluvial show
cost $2.65m
written down value $3.8m (but this is after allowing $125,000 for depreciation.
in a nutshell, this means that after paying $2.65m - and spending another $1.3m - the plant managed to produce 250 oz of gold, over 6 months.. the company would have been losing money, hand over fist, at these production rates. total cash outlays, would have to be well north of $4m
after spending all this money, ero, decide, that the resource is too small, to consider an expansion. woops woops - it is a bit late, to decide that the resource is too small - the company should have had a closer look, before forking out the money.
heh - it is only shareholders money - so who really cares.
so much for the announcement, which mentioned that drilling would restart at doleraine, by the end of the year - ok - it could be delayed
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