I Disagree. Sorry I double posted but I just want to make sure you knew someone responded to you. I posted on another subject and it doesnt come up under this heading. Reason why I believe they aren't expensive is below.
4 million cash at bank with some positive cash flow from oil assets even though its only a small amount it all helps.
ERN - 23.35 million ERNO – 14.7 million
In total a 38 million dollar market cap fully diluted with 4 million cash at bank and once the options are converted another 3 million cash will be added. So no they definitely aren’t expensive IMO. Especially when compared to other Namibian uranium explorers and if you think erongo won’t find uranium on their licenses you are kidding yourself because it’s already been proven on their erongo mountains epl’s.
Currently with 4 licenses in Namibia with 2 EPL’s in the erongo mountains and 2 in the spitskoppe region. Licenses are now harder to come across with the crack down in regards to license applications by the Namibian government.
Still currently have 1 EPL license pending and one ERL license in regards to their mineral sands project. If the fifth EPL license is granted it will do huge things for the short term SP. If not we still have 4 tenements and I believe two of them are excellent.
Great management team and a good top 20 share holder list. Some examples of the guys in the top 20 is below.
Reg Gillard
Reg is the Deputy Chairman of Moto Goldmines Ltd and the Chairman of Aspen Group Ltd, Caspian Oil & Gas Limited, Pioneer Nickel Ltd, Lafayette Mining Ltd and Perseus Mining Ltd and Eneabba Gas.
Mr Klaus Eckhof (The guy running everything on the ground in Namibia)
Mr Eckhof is a graduate geologist from the University of Munich, Germany and a member of the Australian Institute of Mining and Metallurgy. He's been involved with Lafayette mining..Moto gold mines..He took Moto gold mines from a 4 million market cap to over 500 million.
Dr Leon Eugene Pretorius.
Dr Pretorius BSc (Hons), MSc, PhD, FAusIMM (CP), MAIG, PrSciNat, is a uranium geochemist with 34 years experience in uranium exploration and mining operations, predominantly in Australia and Africa. Most recently he was a specialist uranium consultant and an Executive Director of Paladin Resources Ltd ('Paladin'). He remains an Executive Director of Langer Heinrich Uranium (Pty) Ltd, Paladin's subsidiary in Namibia, which is currently developing the first uranium mine outside of Canada in 20 years. He was also consultant geochemist and Chief Executive to Savannah Mining NL and Scorpio Mining NL of Australia and has worked as uranium exploration geologist for Rand Mines, Newmont (Canada) and Rio Tinto.
Mark Gasson (Director)
Mr Gasson is a qualified geologist based in South Africa and has held senior positions with a number of Australian and international mining companies operating in Africa. He was previously the Exploration Manager-East Africa for Gallery Gold Limited and is currently an Executive Director of Tiger Resources Limited. Mr Gasson will provide technical expertise in respect of the Company’s exploration activities in Namibia.
The experience these four guys have is so extensive. I believe they are all mates. They all live in Perth. They all know how to bring a company from explorer to producer.
Also take into account Mr Klaus Eckhoff is the one running everything on the ground in Namibia and that has been done for a reason. He has some very close connections over there IMO. He is still currently a director of African Metals Corp and he knows how to get things done in countries such as Africa.
ERN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
