Are these arguments against ECU just too pessimistic? And if so, what evidence have the optimists?

I am an optimist, and the main thing that keeps me optimistic that my investment will bear fruit is the output of 46000 oz of silver and 700 oz of gold in January this year. February production will show if this is sustainable.

I am also optimistic that producing at these levels can put the company in a positive cash flow situation. The upcoming exploration program is already paid for, and results from this are expected to increase and solidify reserves.

With positive cash flow, management can then think about increasing production by means of larger mills. It is like an upward positive cycle, instead of a downward negative spiral.

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