There is a pretty good idea what they hold in silver and when...

There is a pretty good idea what they hold in silver and when IVR was all the rage, ARD was overlooked because of speculation. Look at it now with the dilution in IVR and perhaps our access, grade by tonnage are better. That being said, apart from the one gold mine we are developing, the emphasis has been on the last lense of the silver play for gold which so far has met predictions. But it remains speculative until results come which is soon.

Silver is chronically oversold at the moment and gold is overbought which could explain the recent pullback in gold, but it broke out last night signalling a new bull trend. One tends to pull the other up, but silver has more upside because it is oversold and it is yet to break out. If history repeats, then silver has more upside. Silver has a further industrial use set to gain momentum particularly in the coming industrial revolution in electrical energy. You only have to look at lithium and vanadium companies at the moment enjoying recent gains. Silver mines depend on tonnage in this country because the silver is often a by-product of copper production and copper is down still. A specialist silver play like ARD is a different proposition.