Fellow ECU shareholders. My handle on this web site is Argoz, but my name is Bryant Blake. If it were not for Bill Murphy, no readers here would recognize me, but he has seen fit to post my evaluations from time to time. My education was as an engineer, not in finance, but I am good with numbers and this number crunching is mostly why Bill has posted my stuff. Back in early June 2008, I wrote a value analysis of ECU which was posted on LeMetropole. The table below is from that article:

ECU currently has the same number of shares outstanding as they did on 6/3/08. The price of silver has dropped to $9.47/ounce and the ECU share price has dropped to $0.574 U.S. This means our Resource/Market Cap is now 14.73 for MI+I and is 80.04 for MI+I + potential resources. These are ECU record high value opportunities. ECU has also indicated that they will update our NI43-101 resource before the end of the year. The last time our resource was updated, many people, myself included, thought the share price would rise in accordance with the resource. This did not happen, and has not happened for a lot of juniors. Maybe this time will be different as the resource to market cap ratio is already at an extreme. Right now buyers get 80 ounces of silver in the ground for every $9.47 invested in ECU. A thousand ounces (1,000) will cost you $118.31 or just under 12 cents per ounce. If our resource including potential goes up another 50 to 100%, you do the math.

Gold, silver, and ECU all have so much going for them at this time. I am not going to list all of their positives but there are many. The only negatives they have are the possibility of a world depression, financial deleveraging, and manipulation. The govenments have shown that they will inflate to no end inorder to prevent a depression, the financial deleveraging is only temporary compared to the foundational offtake of real physical metal, and the manipulation has already turned on its master via the total overthrow of the republicans in the White House and Congress, and via the upsetting of about 18 of the G20 which are meeting in Washington this weekend. I ran some errands today and the roads were busy. Life goes on. Silver will be in demand again. My ECU shares are not for sale. If I could, I would buy more. Regards,

-Bryant Blake