My take on it is that the managment is poor and the share price...

My take on it is that the managment is poor and the share price is trending down even with relatively high silver prices. This shows that the operational problems with MMN's project are the primary drivers of the stock for now. This may change as stated recently in announcements. They believe they have identified the problems and are working on resolving them. Drilling continues and we should expect further results soon. Therefore you can make the case that it is a buy right now and possibly at a turning point operationally. Valuations seem reasonable at current silver prices and there appears to be exploration upside. Having said that, there is a complex set of factors beyond those above that are in play. Copper is breaking down and silver (with its industrial applications) may follow. But silver has a solid correlation with gold which is holding up very well and may break through $850 on another break down in the US dollar and continuing subprime concerns. All this (and probably more) make an investment in MMN quite tricky. My overall take is to wait until silver breaks higher and breaches technical resistance which I see at around the recent high. I may need to load up at 20% higher levels but I wont worry about that because MMN could easily double if silver (and gold) catch a bid.