i think people need to mix a bit of realism into their...

i think people need to mix a bit of realism into their optimism.
$15 operating costs is only part of the costs. need to factor in admin,capital costs,servicing debt,royalty and taxes. they'll probably end up with half the profit you're predicting for the first 5 years.
at 1.5mil oz's at $10 gives them profit of $15mil per year. giving them a p/e of approx 9 for the current mc. for a one resource one metal mine their p/e should hover around 4 for the first 5yrs.
so on current silver prices its already overvalued if it was producing. the tailings will help set up the plant but dont expect it to be a money spinner. i'd be happy if it covers their costs until full scale production is achieved.
thats based on current prices however i do expect silver to take off later this year(my gut feeling only)and as we've seen when prices take off optimism and greed can propel prices to levels that dont make sense.
silver is still the best place to be but if you invest with blind optimism then you're unlikely to be prepared if things go pear shaped