Hi Panamax!

I think GPR is a bit different from the typical development play. The company already had one mine running when they acquired the Guanajuato operations, and those were already in production with a 400 year history. I know for a new mine to get into operation there is usually at least 12-18 months of construction, with potential for bad news but very limited good news to report on, and therefore stocks in the development phase often trade lower during that time. For GPR it was all about going through a learning curve and completing some refurbishment to get the operations into a higher state of efficiency and modernization.

What I like about Guanajuato is that its not just one mine project, but a district of mines, each with distinct characterisitics and exploration opportunities that make every target unique from what is going on a few hundred meters away in either direction. During the tour I learned that there were numerous resource zones which had not been exploited because the former operators did not do systematic exploration. That is a common observation for many old mines in Mexico, but at Guanajuato you literaly have a couple dozen such potential exploration targets in hand. The impressive history of production was as much due to blind luck as it was to shewd operation success. When you add in the strength of modern exploration and management with the vision to turn over every rock to look for new ore, then all that is missing is money. And by getting that mill tuned and running properly the money will be available.

I think the heavy lifting of this story is already done. So much risk has been removed during the last year or so and all of the upside remains ahead. I will shut up now since I do not want to be overly pumping this story. I was one of the people that was not a fan of GPR during its boom years, but I am very bullish on it now, and there is a greater upside today with the current low market cap than at any other time in the history of this company, IMVHO.

cheers!

mike