Thank you for your email regarding the unusual trading in ECU Silver Mining Inc. (ECU) by Penson Financial Services Canada Inc.

Please note that staff at Investment Industry Regulatory Organization of Canada ("IIROC"), routinely monitor trading and review all instances of unusual trading. As such, this information has been forwarded to a trading analyst for further review. Due to our confidentiality guidelines, we are unable to comment on or disclose any information about any matter being reviewed, and as such, you will hear nothing further from us in this regard. However, please be assured that appropriate action will be taken.

IIROC exists to develop, administer, surveil and enforce trading rules through the Universal Market Integrity Rules ("UMIR"), in the Canadian securities market. You may find out more about UMIR by clicking on this link: http://www.iiroc.ca/English/ComplianceSurveillance/RuleBook/Pages/UMIR.aspx, or by visiting our website at www.iiroc.ca then selecting "Compliance and Surveillance" from the menu options at the top. Proceed to IIROC Rule Book and select "Market Integrity Rules - UMIR".

If you have any further concerns, please do not hesitate to contact us at any time.

Regards,