Here's my take, fwiw.....

--The Q1 production is excellent and I'm sure the company is on target for positive cash flow by mid-year.

--The El Quevar resource is okay but thought it might be a little higher. Most of the focus was probably on M&I enhancement and not inferred increase with new drill holes.

--I don't think the reduction in "inferred" for the upcoming Valardena resource is a big deal. The sector has not been appropriately credited for in-ground resource since pre-2008 massive takedown. And, management probably wanted there to be no doubt to the credibility of Valardena's 43-101.

--Unfortunately, we remain in a market trading environment whereby the gold cartel maintains the upper hand and continues to pressure the sector regardless of the metal price or company-specific news. For AUMN to be down +/- 25 cents the past several trading days is rediculous, especially since we opened higher on a couple of those days (only to revert later) and metal prices were positive. So, we must wait till either the metals rally convincingly or the shorts decide to cover.

Silverbull50