Ann: Orient West DDH returns up to 420g/t Ag Eq, page-6

You are kidding aren't you? You are comparing companies with JORC resources against a non JORC compliant maybe resource. SVLs resource is in the measured & indicated category!

As I said earlier, companies that have decent silver grades actually report those grades and do not hide them in an inflated silver Eq grade. The pertinent facts you should be concentrating on, I have highlighted below. A very low-grade silver resource. To put this into perspective, if ILT mined 3MT of ore per year, they would produce around 1.5Moz of silver if we used the higher grade of 20g/t and assuming 95% mining recovery and 90% metallurgical recovery. A 3MT plant would cost at least A$350M. The silver Eq ounces produced at todays spot prices would be 3.5M silver Eq oz.

Now, to add some more perspective, then consider the current peer pure silver grades;
ILT - 20 g/t
ARD - 32.2 g/t
ASL - 116.3 g/t
BML - 34.9 g/t
IVR - 72.6 g/t
MKR 37.1 g/t (unprofitable)
MMA - 111 g/t
SS1 - 43.5 g/t
SVL - 29.4 g/t
USL - 101.8 g/t

I have not included the high grade 20MT in the below comparison because realistically, until ILT produce a JORC 2012 resource, it is wasted effort.



Now, I have added ILTs figures into a worksheet and the deposit is valuable, especially if the 100MT with the higher grades can be achieved. I do have an issue with ILT throwing JORC 2012 around in its July release, which gives people the impression that the resource is inferred. The ASX normally comes down on such misrepresentation harshly, so I do not understand how ILT did not have to retract any reference to JORC 2012. A caveat is that ILT with a market cap of A$8M is definitely undervalued, but I would put my cash into ARD and BML with market caps of less than A$20M if I was after silver bang for my bucks. ILT needs to publish an inferred resource to be taken more seriously which will cost more money and thus more share dilution.

All imo and not investment advice.