Baba says:

"(after all, they did not want to merge with us for our cash reserves, cash flow, brilliant management or even our good looks!). Thus, they chose ECU because of one thing - proven and potential reserves."

and he's right, remember that companies don't merge for the short term!

Don't discount the short-term entirely!...In the short term, ECU is a hair's breadth from being profitable. At $100 silver and $2500 gold, ECU would be making all kinds of money. To enlarge an existing mining operation can be easier than establishing a brand new one...ECU would have been profitable long before AUM.

ECU can produce cash as early as next year!

...but in the longer term...it's the ounces in the ground...It's what I've always said. It's why I'm here. The one that owns the most ounces wins...at $200 silver, at $400 silver, at $1000 silver; at $3000 gold, $5000 gold, and $10,000 gold per ounce. VALUE, means buying the most ounces for the least amount of money...

THAT, imho, is what the merge is about for AUM. As Baba says: "proven and potential reserves."

lp,

gildage