It is truly amazing how many are throwing in the towel when we are on the precipice of financing and production. All the talk about dilution is understandable, no-one likes it. People are giving up and taking tax-loss benefits, best of luck to them all.

But the fact remains, we have shown around $80MM+ in the ground so far, yet our market cap is only ~$10MM today as we get hammered down.

In March of 2007, Silverado's market cap was it's highest ever, $83MM, and that is 8.3 times today. If we were simply to match that market cap today, our SP would be 8.3 * 0.007 or about 6 cents.

The progress at Nolan made since 2007 is tremendous, adding significant value to the company. We can mine only what is already discovered at 200 tpd during a 300 production day year and justify a SP of $0.50 to $1.00 depending on realized P/E ratio.

There is no doubt in my mind that we are drastically undervalued now. And I could not care less whether this is due to shorting or impatient shareholders or both. It matters not since sooner or later, we will get financing and we will go into prodcution and all the waiting will be seen as very worthwhile.

QED