WSB/potentIal PM sQuEEze, page-194

There is a very good reason why there are not many pure silver play mines globally.

When projections are made about a project feasibility the forward looking silver price will be conservative as it is a fair assumption the price will drop again as it has in the past. A low silver price means a project has to have even lower All in Sustained Costs for the project to be considered potentially profitable for it be looked at for funding.

The project would look at a 5 YR LOM (eg) and then do a estimation of the average silver price.

Silver Price in USD per Troy Ounce for Last 5 Years

	Current Price	$26.32
1	5 Year High	$29.59
2	5 Year Low	$12.01
3	5 Year Change	$+11.38 (76.17%)

A fair assumption would be around $17 US, Companies like First Majestic barely made it through the low periods after 2009 run up. Aussie miners / feasibility analysts would also need to consider fluctuation currencies.

I thinking putting metrics on paper might show that our competitors are barely profitable at $30 AUD and only making small profits at $35 / $40 making them risky to finance, but with spot silver over $50 in a sustained time period would mean these are nice projects --- its just BML is profitable now and can be producing silver at a time when we can be exposed to the higher silver prices.

All in all, BML is the best bet as in the current situation this could be considered a project "In play" ready to mine free silver ounces whilst pulling out lead at profit. The others in dream silver scenerios might do better but in that scenerio BML will do extremely well also with the bonus of us potentially mining far before our (considered) peers ever do.. first mover advantage is massive as all the silver projects likely will not be funded short of a massive silver rerate.