Just going on compliant silver resources in all categories, I believe ECU offers more than one ounce of silver per share. Silver has run by something like 40% this year alone and set a new 30-year high. ECU is still anchored in the same trading range.

Now I know that an ounce of silver in the ground is not the same as direct leverage, dont waste my time with that. Nonetheless, there are many other juniors that have no production whatsoever that are rising along with the POS and ECU is not. This has been a source of frustration for many here, but for me it is a point of optimism. I think as silver continues to roll, the leverage for ECU will just become a more compelling investment consideration. I think the operating performance is also going to continue to improve.

The divergence with our stock relative to the price of silver will not continue indefinitely. Either the POS will fall, or ECU is going to begin pricing in that leverage. It does not have to happen all at once. I am sure there are other factors that will also eventually be priced in. I am just saying that value is found out in a bull market. When the other juniors that are in bull mode now get to extreme price levels, money will flow out of them and look for value in the same sector.

Patience is going to be rewarded, IMO. That is why I have continued to hold ECU for so many years. On a leverage to silver basis the market cap has been getting much cheaper every year, while many other juniors have become far more expensive during the same time. Unless someone wants to convince me that ECU is going to go bust anytime soon, I am confident that the stock is going to catch up to the peer group in time. Chasing front running stocks is a muggs game. I plan to sit tight and let the market figure out what we already know.

cheers!

mike