Hi Argoz!

I think you have hit the nail on the head with your calculations. And I would add one more comment: who cares what the revenue per share works out to? If you want to buy a producer, then buy a producer. ECU is an explorer, with the added bonus of internal revenue generation to fund activity without future dilution. Why can't people understand the difference between those two distinct scenarios?

Lets put it another way. Let me suggest that ECU generates 'only' $12 million bucks a year from this small operation. That represents about 15 million shares that would have to be issued in just one year to raise a similar amount of cash. Nevermind getting hosed by the goddam brokerage houses on commisions, broker warrants, finders fees, etc. Never mind the bastards that short into the financing to hold a warrant. Nevermind the additional dilution from the warrants in these deals. Nevermind the weeks it takes to close a deal while the stock is dead in the water as new money is diverted into the placement... Get it?

At the end of the day, a company like ECU will build value for the resources that are discovered. I would not suggest anyone buy ECU today just on the leverage to operating results. To me its about another hurdle out of the way to allow the company to continue proving up the resource which could ultimately see a premium takeover value. If the company is doing small scale mining to fund all that successfully, its all gravy. If they never have to get raped by the goddam institutions again, BRAVO!

Now I am bullish as hell on silver and gold, and as both metals run higher new investors are going to flock to the sector. The operating results will improve, and ECU will be more attractive. Fine. But I am under no illusions that this is a production story. Get the drills turning and crank out more bulk tonnage ore so the banana heads on TV can get over the 'small vein' myth that has been repeated altogether too much by people who never had a clue about the company in the first place.

cheers!

mike