''In addition to the fairness opinion delivered by RBC Capital Markets, the Trustees, the Directors and the Independent Committees considered, among other things, an independent valuation delivered by National Bank Financial Inc. to the Trustees, the Directors and the Independent Committees, to the effect that, as of July 28, 2008 and based upon and subject to the analyses, assumptions, qualifications and limitations set forth in the independent valuation, the fair market value of the units was in the range of CDN$79.00 to CDN$99.00 per unit. A copy of National Bank Financial Inc.’s independent valuation is included as Appendix D to the management information circular accompanying this letter.''

Maybe BMO ran this kind of analysis without silver and we were hinted a negative 4 cents production cost in the recent presentation? Do you guys think this neg .04 was based on the revised RE, without silver? I'm curious how they would value us at this point... and sure hope silver will be taken into account in the evaluation or at least in the negos... I dont have much doubts about it but I'd like to read some more about the BMO analysis or explanations about that - 4 cents...