intresting trading, page-5

They'll be initially mining the reserves of 12.~mil ounces in the first five years (even so that adds $12million dollars or 10c/share for every $1 rise in silver). It's likely they'll convert most of the remainder into reserves and mine it out after the initial period. The other thing to consider is that the JORC estimates I believe were done with the assumption of silver prices at $US14/oz - and it's at $US23/oz. They're also in line to upgrade their JORC to take into account the rising price of silver :)