We could possibly see some increased trading activity and sp weakness in another week or so.  The 8.9 million flow through shares that were issued back in October become free trading on February 3.  These flow through shares(and accompanying 1/2 warrants) were priced at 0.10 per flow through share.  The well heeled investors that usually take part in these financings are in the highest tax bracket, and as such receive accompanying tax breaks that essentially equate to about 50% of  their cost.  In other words, those 0.10 flow through shares have a realized cost of about 0.05/share when the tax considerations are realized.  So, as I said above, it's quite possible that those that took part in that placement may very well sell into prices anywhere above 0.05.  We'll see...

On another note, I'm curious how much cash we're sitting on now.  According to the last financials, we had cash on hand of $100,395 with liabilities of $489.647.  The first tranche of the financing (which was 1.3 million) closed on Oct. 5.  Those financials were for the period ending Oct. 31.  So, would that 1.3 mil. financing have been included in the Oct. 31 financials that had us with only $100 k in cash?  Any accountants out there?  We did complete a second tranche but it was only for $300,000; so we raised $1,700,000 of the $3,000,000 that was intended, but what are we sitting at now?  The year ends will undoubtedly shed some light, but they may not be out for another 2 months.  I guess we wait.

Finally, some previous posters commented on the lack of news.  Undoubtedly, that's one of the drawbacks with working with a private co.  Votorantim really has no need to issue regular releases.  They have no public shareholders to inform; whereas ELN, like all junior explorecos. relies on regular newsflow to create interest, speculation and hopefully price appreciation.  Unfortunately, we don't get that.  Either Spiros (when he was with the co. or Harry...I can't remember) told me that Votorantim issues summary reports to El Nino monthly or quarterly.  It's kind of hard to build any momentum through potential catalysts when the newsflow is so irregular.  Anyway, there's really nothing we can do but patiently wait....and wait...and wait...Well, you get the idea.  We'll see what implicatons and reaction the updated resource garners when it is released.

Have a great weekend.