Hi Sparesilver!

Altmann expressed to me that a basic problem of communicating with shareholders is that so many events and objectives are impossible to accurately estimate the timing. ECU relies on third party firms for preparation of reports, assaying of samples, and various exploration work. The results from all of the work are unknown and the situation may change as new discovery data comes to light. The plans therefore are often subject to change, and the timing when things may be presented is outside of the control of the company. So he may provide guidance based on his honest opinion and best expectation, but things may not come to pass as he had predicted. I do not know what he said to you, but I suspect if the current path of the company diverges from what you were led to believe, it is just the nature of the evolving story right now.

I know the company will be adopting a more conservative appraoch to what they will communicate to investors, on the 'under-promise and over-deliver' concept, just to ensure that people do not get expectations too high or become disappointed by inevitable delays along the way.

To answer your question regarding the mill, I know the company is committed to building a larger plant and processing facility. Whether that is as part of a JV arrangement with a major, or a series of scalable upgrades in capacity to the current plant, is impossible to say right now. The situation changes too quickly.

If ECU were to report a brand new skarn zone next week, with the potential to add yet another 200-300 million ounces of silver, would that not completely change the nature of development plans that are on the table today?

I do find it odd that despite the impressive track record of achievement this little company has delivered in so short of time, that there are so many enthusiastic detractors who cannot seem to help themselves from throwing a wet blanket over each and every unknown outcome. I think the management are wise to scale down the nature of the guidance and just focus on getting the most from their ongoing activity. The market may be on its ass right now, but I do think some improvement in sentiment is way overdue and then perhaps there will not be the same degree of angst among shareholders.

cheers!

mike