Three great posts by you guys. JM, you articulated very well what a lot of us are feeling, and vhf and Coach, you guys articulated so well what a lot of us are thinking.

It's very perplexing, this long-lived disconnect. I've suspected the ETF's as the culprit, but here's my issue with that - the ETF is a more conservative than the major producer, and, of course, far more conservative than the junior explorer/nascent producer. Thus, I would think that the ETF's would hurt the majors more than the juniors.

On the other hand, if 80% of the ETF money was otherwise headed for majors and 20% for juniors, then even though far more money was diverted from the majors, it's possible that the effect on stock prices would be felt more profoundly with the smaller cap stocks.

The only thing left for ecu to accomplish that many have wished for, is to get those potential reserves into much higher categories in the 43-101. Even without that, but just based on the current 43-101 and the ubiquitous good news relative to their exploration, one would think we'd be no lower than mid-2's. But, we're not, and paraphrasing Coach and Walter Cronkite, "and that's the way it is."