ECU has issued two press releases in the last week, the first for drill results on the Velardena Property on 6/19 and the second for drill results on the San Diego Property on 6/23. Below is a summary and resource calculation for each reported vein or zone. I used metal prices from last Fridays close of Au = $905.2, Ag = $17.43, Pb = $0.8323, Zn = $0.8584, and Cu = $3.90 in order to convert the metals into Ag equivalent. For calculation of the Terneras and Chicago reources I used the length and depth reported in the news release. For the remaining veins and zones, I calculated the resource based on a theoretical 100 meter long by 100 meter deep zone, since the exact dimensions are not yet reported and in hope that this will help convey the relative value. I also used a conversion of 1 cubic meter = 3 tonnes.

Terneras East Vein:

Au = 2 g/tonne

Ag = 1455 g/tonne

Pb = 6.16%

Zn = 2.5%

Ag Equiv Grade =59.32 oz/tonne

Vein Size = 200m x600m x2.05m = 246,000m3 = 738,000 tonne

Ag Equiv Resource = 43,778,160 oz

New Chicago Vein:

Au = 1.4 g/tonne

Ag = 306 g/tonne

Pb = 2.13%

Zn = 7.1%

Ag Equiv Grade = 22.13 oz/tonne

Vein Size = 400mx600mx0.7m = 168,000 m3 = 504,000 tonne

Ag Equiv Resource = 11,153,520 oz

Cantarnanas Zone

Ag = 102 g/tonne

Pb = 2.69%

Zn = 2.89%

Ag Equiv Grade = 9.25 oz/tonne

Zone Width = 15.10m

Theoretical Zone Size = 100m x100m x15.10m = 151,000m3 = 453,000 Tonne

Ag Equiv Resource = 4,190,250 oz per 100m x100m

Ag Vein Zone

Ag = 69 g/tonne

Pb = 1.95%

Zn = 1.79%

Ag Equiv Grade = 6.21 oz/tonne

Zone Width = 9.95m

Theoretical Zone Size = 100mx100mx9.95m = 99,500m3 = 298,500 tonnes

Ag Equiv Resource = 1,854,822 oz per 100m x100m

Contact Zone

Ag = 50g/tonne

Pb = 1.52%

Zn = 1.44%

Ag Equiv Grade = 4.77 oz/tonne

Zone Width = 5.9m

Theoretical Zone Size = 100m x100m x5.9m = 59,000m3 = 177,000 tonnes

Ag Equiv Resource = 844,290 oz per 100m x100m

La Cruz Vein

Au = 2.4 g/tonne

Ag = 1100 g/tonne

Pb = 12.6%

Zn = 6%

Cu = 0.6%

Ag Equiv Grade = 62.12 oz/tonne

Vein Width = 0.65m

Theoretical Vein Size = 100m x100m x 0.65m = 6,500m3 = 19,500 tonne

Ag Equiv Resource = 1,211,344 oz per 100m x 100m

Redox Zone

Au = 5.6 g/tonne

Cu = 1%

Ag Equiv Grade = 14.28 oz per tonne

Zone Width = 1.3m

Theoretical Zone Size - 100m x100m x1.3m = 13,000m3 = 39,000 tonne

Ag Equiv Resource = 556,920 oz per 100m x100m

As you can see, the winners are the Terneras Vein, the Cantarnanas Zone, and the La Cruz Vein. The La Cruz Vein actually had a higher grade (62.12 oz/tonne) than the Terneras (59.32 oz/tonne) althoughits width was considerably less at 0.65 m vs 2.05m. The Cantarnanas Zone could be a real winner depending on its length and depth, if we extrapolate this zone to the size of the Chicago (400m x 600m), this zone would hold over 100 million ounces Ag Equivalent. All in all, these news releases of the last week should boost our resource by over 100 million ounces more than that reported in January's NI43-101.