I'll take a stab at answering your question.

Elmer is saying:

1) RE includes Laird and Paramount, including the silver. By definition it includes nothing else at Shaft Creek.

2) Deposit is bigger than anyone thought.

3) Due to higher grades and inclusion of silver they were able to lower cut-off grades, while maintaining average grades that are still very economical.

4) This info. will be used in the bankable feasability study, which is already far along. Silver will be very helpful in keeping the mining costs down. Implication is that mining costs will remain negative.

The only thing I was unclear about is whether or not the feasability study would include assumptions based on the old, higher cut-off grades as well as the newer, lower cut-off grades, but I believe he was saying only the newer lower cut-off grades.