At Carmen alone, it looks like the indicated resource with a 1.5 g/t cut-off, the AU Equivalent is 5 MILLION oz at a gold:silver ratio of 60 to 1. If we want to be pessimists about the bull, we could take 2.5 g/t cut-off and call it 3 million oz. And that's just the indicated! And it's not including all the oz in the ground below 1.5 g/t, which are ENORMOUS additions if we get to a high enough gold price.

This was for the Carmen deposit only, and does not include Veta Minitas and Carotare. And we're making very pessimistic assumtpions about silver.

GOOD LORD, WHAT A STEAL THIS COMPANY IS!

- CD