Definitely lower than the highway to reach level 30. If the exploration results are as expected based on some known values from previous drilling and the geo modelling by the exploration team which has proven highly accurate for the last 6-7 years, then production values is not an issue. I have said many times over the years that Velardena is a jewel box and I haven't changed my view which is based on extensive data, discussions with management, site visits and success to date in building a world class resource so far.

I well remember the naysayers when ECU had less than 25 million silver eq. ounces and the constant drivel from the cheap seats and in a few shorts years (2-3) based on the excellence of vision from Michel and his team the company produced a 43-101 resource of 431 million silver eq. ounces by Micon, a very well respected world class firm. The same naysayers ran off at the mouth all the way higher.

I have a high degree of confidence in the ability of Michel and his team to deliver many hundreds of millions of silver eq. ounces more as the company focuses on re-newed exploration. It's been a tough 2 years and the company has become a successful small producer but make no mistake, ECU is at it's best when doing exploration and building ounces because the Velardena project has so much more potential.

Some talk about production and valuing ECU as a producer but in my view that can't be done until it has representative production based on the size and value of it's asset and that will require 5000 tpd minimum. On the other hand, now that production revenues support further exploration activities the focus will shift to valuing the size of the resource which ultimately is what has been historically important for juniors not production.

The market has already started re-valuing resource values in the ground higher as per the recent high ounces in the ground prices paid for recent take-overs. This trend will be multi-years in length and provide serious upside for companies like ECU who have very large under-valued resources at present with small production profiles and those like ECU who still have lots of potential resource upside will benefit even more than most.

To be considered as a high potential take-over target in the junior space it is mostly about resource size, grade and upside resource potential with enough evidence in 43-101 reports and economic studies.