Lawnbowler,

From the report we know that the amount of production from the sulphide mill for November and December combined was 304 ounces of gold and 17,635 ounces of silver. From ECU's latest NI 43-101, the average gold content in the suphides for M&I category is 2.06 g/tonne and of silver is 114 g/tonne. Also from the NI 43-101 we are told the sulphide mill recoveries for gold are 69% and for silver are 59%. Using these grades and recoveries and solving for tonnage, the amount of gold production indicates that 6,651 tonnes was processed in the two months and the amount of silver production indicates that 8,154 tonnes was processed in the two months.

Since that tonnage required to produce the silver is greater than the indicated tonnage derived from the gold, it indicates that the gold grades and or recoveries were better than those for silver whan measured against the NI43-101. If we are conservative and use the 6,651 tonnes amount, we can estimate the production of lead and zinc. Using 61 days of production for the two months, the tonnage works out to 109 tonnes per day at the sulphide mill. Today's news release said the company will continue to ramp up production at the sulphide mill to 320 tpd.

The NI43-101 breaks down the lead and zinc recoveries into high and low grades. Since the base metal grades improve with depth and we are not yet that deep we should use the low grade recovery rates. For lead the M&I average grade is 0.41% and the recovery rate is 55%. For zinc the average grade is 0.58% and the recovery rate is 46%. Using these numbers, the estimated total lead production was 33,071lbs and the zinc production was 39,127lbs. At current prices and a 10% smelter fee, the revenue from these base metals is $61,621 for the two months combined.