report out today very bland

All quiet on the home front means others probably agree with me.

Yuimery appears to be a reasonable prospect for them.

I am most disappointed with the lack of a clear plan for Penny's Find including a clear timetable for this project. What happened to using Penny's Find for early cashflow. While they still have some money they should be building a small mine there now. If they are planning this later this year then tell us.

How does the Penny's Find cashflow help us ? By supporting the share price and getting some money out of the ground. They have 52,000 ounces there. Even if say only 40,000 ounces are proven up then they should start extracting it now and stop trying to look for the big find. Based on 40,000 ounces they have over A$40 million worth of gold there. Surely it would not cost more than A$20 million to extract it so there is a gross profit of A$20 million.

This is a simplistic analysis and I'm sure there is more to it but I like other shareholders am frustrated at the current share price which is a direct by-product average latest drilling results at Penny's Find(which is beyond their control) but also the lack of enthusiasm in the Dec 07 Qtrly and no plan/timetable for the investing public to see.

Penny's Find was supposed to be a short term play, so they should start extracting the gold and sell it so they don't have to go back to shareholders/investors for more money.

IMO companies like ERL should operate as if they can't get any more money from shareholders/investors and they only have the money they currently have to survive on. This will force them imo to make more sensible business decisions for the short to medium term benefit of shareholders.

These companies appear to me to be searching for the holy grail instead of running the company as a viable business that makes a profit each year.

What is wrong with a small company like ERL making a $2-$3 million profit each year and then building from there. While ever there is the prospect of more funds from new issues then these companies can go on in perpetuity as long as shareholders/investors are willing to keep putting more money in. I know that ERL has not gone back to shareholders yet but they have also only been listed for 12 months now. I am well aware that these new issues by companies are optional on the shareholder but if all shareholders chose not to take up the new issue then where would the company be then.

Am I asking for too much here.

Gold is over A$1,000, copper is still high, ERL should not be at $0.14.

I would be very interested in others comments.

Flipper