Thanks, Clint.

The Blackmont report is most probably part of the recent financing deal. The analysis is very positive in that it assesses the new "hybrid" ECU as cheap in comparison to its peers. Their price objective of CAD 0.90 seems very meager. However that will improve, when metal prices rise and ECU increases its reserves in time.

When reading that price objective, I am asking myself how I could have been so stupid to pay above CAD 2 for this stock more than 2 years ago, when proven reserves were much lower.

I take the CAD 0.90 PO as an absolute minimum, where undervaluation of the sector still reigns. When gold fever enters the investment arena we should be thinking in multiples of that price.