As a shareholder I just reviewed the consolidated statements and...

As a shareholder I just reviewed the consolidated statements and I have a couple of questions.  First of all the report states that current administration and corporate quarterly costs are $232,000 with a YTD burn of nearly $1,127,000.  This does not include exploration & evaluation which drained $385,000 last quarter for YTD value @ $859,000.  That’s close to $2M (annualized) for those two items alone...

OK, the bottom line is often measured reliably by a “cash on hand" a good measurement to evaluate the path forward and the ability to execute that path.  From the latest statement, cash on hand is around $2.2M and by the company’s own admission they have only 3.44 quarters at current cash burn.  This means time is short and options are dwindling…

What is the plan going forward?  Are there plans to liquidate  assets to raise cash again or are we looking at another stock sale resulting in further dilution?...

I find it disturbing that administration and corporate expenses are nearly $1,127,000 per annum.  This is supposed to be an operating gold company and from what I can surmise we are still having trouble getting that head of steam needed to execute and build the mine...

A decent wash plant well over a million alone and when all the heavy equipment, permits, reclamation bonds, drilling and so on it is easy to see that EMC does not have anywhere near the capital to enter this game…

Instead it will take an infusion of cash from the sale of existing assets.  It would appear that this is the only feasible way to generate the needed funds to finally move forward with any of the projects...

I as curious about the entry 6.1…

This entry is a debit around $120K and the description reads:   

Aggregate amount of payments to related parties and their associates (included in item 1).  ~$120K.

I could not find item 1, perhaps a bit more color would clear up any misconception of the purpose of these payments.  $120K is a significant amount of cash for a company with $2.2M in the bank.  Sorry but I am still stinging from the $50K directors fees in a previous QR…

I know ECM can be that lucrative gold company, successfully placer mining an ECM owned project by actually sluicing and putting gold in the box.  Bottom line, all of the gold rich properties are great but unless the operation is running pay (dirt) and sluicing there is no chance of a profit… JMHO...