Yes I know this is a small project and is far from a company...

Yes I know this is a small project and is far from a company maker which Georgia or Puntland could be.

But this is a nice little investment which should provide some cash flow.

In the June 2010 report, our outlay of US$256k and drill cost of US$220k, had a estimated future cash flow of $17.9m to Range, of which $5.4m is proven reserves.

Using the same ratio for the 21%, ETCV will have an estiamted cash flow of ~$26.5m (~$8m proven).

For a small project that is looking to cost under $1m, with a conservative $8m cash flow attributable to Range, it's small fry cash but still is good news.

Hopefully we see some progress from here, Smith & RB which shows up in "Income or Production/Sales" in the future quarterlies.

Good start to the year for Range IMO.