This is all I have from Blackmont recently from a morning report 2 weeks ago.

We are decreasing our ECU target to $2.95 from $3.40 while maintaining our BUY recommendation.  This is a mechanical adjustment, as we value ECU based on a DCF calculation (5% discount rate, $17/oz. LT silver price, $850/oz. LT gold price assumption) using 75% of the total resource as the basis for our projected mine life.  Our target is equivalent to 1.25X NAV; we believe the premium to NAV is justified due to the scarcity of large public silver equities.