5m at 10 ounces /t silver, page-49

Drilling data aside, the trading numbers are compelling.

At the last Annual Report there were 387 shareholders

The top 20 held 50% of the available stock to trade.

I don't know the exact number but as a guestimate, 16.5m share have traded hands since the announcement. That's 70% of the "free float".

I would suggest the first 4-5 days were stale holders clearing the decks, indicating possibly 6-7m went into new hands. Given the early buying let's assume they are in for the longer haul.

Since then, there has been a small amount of churn but not much.

Would some of the Top 20 got out? Let's say possibly.

Of the 16.5m traded, theres a good chance 10-12m of those are new holders looking to see this story develop. If most of the Top 20 are still holding, then I shouldn't need to point out that doesn't leave much.

That's not to say that some holders won't have part of their holdings as tradable to keep liquidity in the stock. I think Gizard made the point that lower volumes from here is what we want to see. 100% concur - anymore volume days like today and I think that spells distribution. Based on the above, the distribution should be over.

The best thing about this scenario is it will be difficult for day traders to hurt the share price with such a small free float now available.

Kalmsg....we've crossed paths, your level-headed perspective really made me take a look at this from a different angle. Cheers buddy.

Marchello