trading halt, page-2

Having said that its not as thought Sellheim does not hold the potential for the company to be a multi-bagger in itself.

The highly reputable YT over on ASF has spoken to the company many times and estimates the a 150,000oz resource and production to be possibly in the order of 30,000oz per annum.

Taking a gold price of 1000AUD/oz that equates to $30million in revenue per annum over 5 years. With operating costs estimated by the company at around $200/oz that is approximately $24million per year over five years commencing mid this year! Cap ex for the project is a near negligible, $2million.

They currently hold approximately $10million in cash and $8million in ERO shares. I.e net tangible assets are roughly $18million. Therefore MXR is trading at not much above its net tangible assets with a current market capital of $22million.

Again, for the next five years, the Sellheim project alone may provide an ANNUAL PROFIT GREATER THAN THE CURRENT MARKET CAPITAL.

Amazingly MXR's other high grade gold project, the larger 'Bird In Hand' is likely to commencing production in the foreseeable future.

So it looks like Nardee and the other projects have a great chance of becoming mines... and they will be the big ones that make us filth rich (again with almost no value reflected in the current share price).