In 2006 BMN rose to over $1 on not much more than the fact that...

In 2006 BMN rose to over $1 on not much more than the fact that they had land in Namibia which they were about to drill and which hapenned to be next to Langher Heinrich.

On 21st December, BMN released drill results for the Goanikontes project which included;

65.7m @295pm
34m @ 479ppm
36m @ 311ppm

At that time BMN had around 70 million shares and 40 million options on issue - far more than ERN have.

At that time BMN traded at around $2/share - ERN equivalent of say $3/share.

Now, ERN are drilling. ERN have historical data from drills in the 70's/80's which included 32m @ 348ppm, 39m @ 272pm and 33m @ 248pm. These historical holes were all grouped fairly closely together it seems and ERN have already extended the known anomalous area using solid ground survey results gathered by ERN's own people including using a scintillometer. ERN are also drilling a large area in Area 1 to test it properly (they are not looking for gold like Goldfields and Falconbridge were).

It is conceivable that ERN will get results not dissimilar to BMN's early results. We may not get the 65m depth but we should get reasonable grades with great width and length potential.

Hence it is conceivable that with such results we could expect an sp closer to $2, or dare I say it if the results well and truly surpass expectations $3 is not out of the question in the short to medium term.

Time will tell all.

P.S. I have nothing againsta Bannerman, I am merely pointing out how undervalued ERN is, and, how similar ERN is to BMN when it was in the early stages (only 6 months ago!!).