Ann: Drilling Commences at Elizabeth Hill Project, page-36

I agree. And we could literally talk ' valuations ' all day long on this particular commodity. But at the end of the day as is with most commodities , its about the ' GROWTH ' in the underlying minable and readily available for processing and revenue making. And this potential and inherent ' Growth ' is especially relevant to Silver because of its historically low price , scarcity , and the fact that it has typically been a ' Byproduct ' type commodity - ie coupled with other base metals in the form of credits to income. So not stand alone ...' Pure Play ' Silver as they have also touted.

And this phenomenon of ' Growth ' in silver ounces and resources held is clearly evident when you look around at various comparative valuations of the mid sized players and even the smaller ones to that of the largest likes of say Fresnillo Plc verses say an Endeavor Silver ....or even smaller with a Silver X Mining. And what you'll find from this exercise is that ' Not All Projects are created Equally ' so to speak , and ' Bigger ' is not guaranteed to be always ' Better ' or in this example ' More Valuable ' . So what you'll find is that put another way , the valuation comparisons are all over the shop. And this is probably in part because while Silver has been somewhat dormant and stable , is that it has quite a ' Mature ' market mechanism for traded price from the LME. So there are a lot of open contract , new contracts , hedging etc.... and deals being made on the books that may differ from the larger Companies when compared to the more developing and nimble explorer / miner. So it would seem that obviously in this environment where Price of the Commodity is driven by its perceived connections to Gold , that it is a GREAT time to be an explorer in that commodity when you already know you have grades and potential minable tonnages sitting right there .....untapped.

So Growth for Silver and subsequently our own SP and value is going to be firing on 3 variables or assumptions if you like. And these are in no specific order 1.) Continued expectations of a continuing re-rate and closure of the Gold - Silver historical ratio , and consequent expectations of a resulting higher Silver price. 2.) Swift replication of historical grades and conversion to rapidly expanding ' real time ' increases to our Tonnage of minable resource....with obviously the typical economic benefits being overlayed on the SP from a ' low cost ' continuing high graded MRE . And then 3.) The speed at which this Company can harness this project into swift production in order to take advantage of the current and expected price environment.