Today's ECU news release had 3 excellent intercepts of mineralization above the old mine workings. To compute the dollar value of the contents of these veins, I used the current prices of Au = $721.10, Ag = $9.66, Pb = $0.558, Zn = $0.51, and Cu = $1.857. When computing the profitability of mining these veins, I have assumed a vein width diluted to 1 meter where needed, 80% metal recovery, and 15% smelter and shipping fees. After these reductions, I then subtracted $50/tonne for mine and mill processing costs in order to determine profit. The intercepts and their values are as follows:

Sample 52502:

True Width = 1.7m

Ag Equiv = 31.55 oz/tonne

Metal value = $304.76/tonne

Value after recovery and smelter fees = $207.23/tonne

Net profit = $157.23/tonne

Annual Profit for 1500 tpd = $84.9 million

Sample 52514:

True Width = 0.6m

Ag Equiv diluted to 1 m = 76.85 oz/tonne

Metal Value diluted to 1 m = $742.42/tonne

Value after recovery and smelter fees = $504.85/tonne

Net profit = $454.85/tonne

Annual Profit for 1500 tpd = $245.6 million

E1 Vein:

True Width = 0.26m

Ag Equiv diluted to 1 m = 27.93 oz/tonne

Metal Value diluted to 1 m = $269.78/tonne

Value after recovery and smelter fees = $183.45/tonne

Net profit = $133.45/tonne

Annual Profit for 1500 tpd = $72.1 million

If equal tonnage of these 3 intercepts was fed into a 1500 tpd mill, annual profit would be $134.2 million and average mill grade would be 45.44 oz Ag Equiv. The 1500 tpd mill would only cost about $100 million and thus could be paid off in less than one year. At the $134.2 million profit and a PE of 10, our market cap would be $1.342 billion or over $5 a share at our present float. If any sanity returns to our metal prices, then our profit and share price would be much higher. At grades like these, our returns for a 5,000 tpd mill would be even better. Mill grades of 45.44 oz/tonne Ag Equiv are almost unheard of and are higher than even the Prognoz mine in Russia. Most silver vein mines have Ag Equiv grades of 5 to 15 ounces with 20 ounces being considered exceptional, so average grades of 45.44 oz/tonne is a no brainer. Lets build the mill! Regards.