Sorry guys I got my figures wrongThe asset backing is 2cwhich...

Sorry guys I got my figures wrong

The asset backing is 2c
which means with 260M shares on issue at current levels all of the companies other assets are being valued at $3m which seems a tad cheap but hey I could be wrong

****Old Post amended to include correct cash amount****

Well this is an old stock I havent looked at for sometime

I pretty much wrote it off after the old management just didnt know what they were doing

First they went after Uranium, then gold, then Iron Ore and my oh my did they promise the world with their Iron Ore stories and delivered very little

But that was then and this is now

-New Management

-Recently completed oversubscribed capital raising

-Good cash and asset backing, about $2.5m in cash and about $3m in ERO shares = $7m in assets with 260m shares on issue = 2c cash backing

-3 gold projects
Sellhiem was in production dont really understand it cause its Alluvial or something but JORC is 1 BCM @ 0.5g/t BCM = 16k ozs Au

Iron Stone in WA has a JORC of [email protected]/ts for 81koz's Au not that flash

Bird in hand is interesting [email protected]/t Au for 240koz's gold, although small its high grade and proximity to infrastructure and existing mines makes it an attractive development option