Hi GWR!

I think your assessment is correct on the improving productivity of the milling operations. I asked about that last month and was informed that metallurgical fine-tuning was ongoing to increase the net recovery efficiency for the mills. This latest update seems to confirm that they are getting closer to that optimum level.

I still think we are going to see much higher metals prices this year. What better time to get control of a second mill and work through the learning curve to get it running correctly? Even if the metals just trade flat in the range they are today, the increased production levels should be able to generate enough positive cash flow to support some drilling work this year, especially now that the balance sheet is much stronger after that last offering.

I am still in wait-and-see mode, but this news is a big step in the right direction. The year is not even one month old, so I am going to be patient and let management establish some operating performance, and I believe the stock will gain traction once the company can demonstrate that it is financially self-sufficient.

cheers!

mike