ECU and Golden Tag released drill results from the San Diego project today. There were an awful lot of results listed, many of which had narrow true widths. Some of the veins had multiple intercepts. I have diluted the narrow vein metal values to average the values to a one meter width which is the minimum practical mineable width as previously stated in ECU's NI43-101. Following is some information on how ECU values its metals from both today's news release and the January 08 NI43-101. I would recommend increasing the minimum NSR costs to $30 and $50 per tonne for bulk and narrow mining respectively due to inflation. If we assume 80% mill recovery and a 15% smelter fee, the minimum economic metal values would have to be $44 and $74 per tonne for bulk and narrow veins respectively. To compute the metal values of the intercepts I used the current silver price of $13.60/oz and the silver equivilent values given in todays news release.

From ECU:

1/ Silver Equivalents
Silver Equivalents were calculated using the same commodity prices and metal recovery factors used in the San Diego 43-101 Resource Estimate Report: 26.60 g/t Ag per 1% Pb, 31.21 g/t Ag per 1% Zn. Recovery factors were 76% for silver, 71% for gold, 75% for lead and 44% for Zn. Commodity prices of US$11.60/oz for silver, US$0.60/lb for lead and US$1.20lb for zinc were used.

4. All intercepts were calculated at a 1 metre minimum horizontal width for narrow veins and at 2.70 metres minimum horizontal width for the bulk mining areas with representative local background values for internal dilution in both cases.

5. The undiluted resource was estimated using an NSR value cut‐off factor of US$45 per tonne for the narrow, high grade veins, whereas a cut‐off factor of US$25 per tonne was applied to the bulk tonnage vein packages. Blocks that did not meet these criteria were removed from the Resource Estimate. However, in parts of the measured and indicated resources, there remained internal blocks that did not meet the above criteria but would naturally be part of the mining sequence. These blocks were included in the resource estimate provided the overall grade of the mining level was above the NSR value cut‐off factor.

End

The metal values including dilution to a one meter width where applicable and are as follows:

Cantarranas 1

Vein Width = 1m

Metal Value = $40.39/tonne

Profit = Not profitable

Cantarranas 2

Vein Width = 1.15m

Metal Value = $103.18/tonne

Profit = $20.16/tonne

Veta AB (4 intercepts)

Avg Vein Width = 1.11m

Metal Value = $56.42/tonne

Profit = Not Profitable

New E-W Zone (2 intercepts)

Ave Vein Width = 1m

Metal Value = $97.08/tonne

Profit = $16.01/tonne

Montanez FW (4 intercepts)

Avg Vein Width = 1.075m

Metal Value = $101.17/tonne

Profit = $18.79/tonne

Montanez Ctre

Vein Width = 1m

Metal Value = $40.39/tonne

Profit = Not Profitable

Montanez HW (4 intercepts)

Avg Vein Width = 1.25m

Metal Value =$70.68/tonne

Profit = Not Profitable

Canta Splay Vein

Vein Width = 1m

Metal Value =$103.18/tonne

Profit = $20.16/tonne

Canta Splay Vein #1

Vein Width = 1m

Metal Value = $13.38/tonne

Profit = Not Profitable

Canta Splay Vein #2

Vein Width = 1m

Metal Value = $59.47/tonne

Profit = Not Profitable

Arroyo Zone (3 intercepts)

Avg. Vein Width = 1.33m

Metal Value = $62.39/tonne

Profit = Not Profitable

El Jal Vein (2 intercepts)

Avg. Vein Width = 1m

Metal Value =$134.42/tonne

Profit = $41.40/tonne

Montenez Vein

Vein Width = 1m

Metal Value =$502.91/tonne

Profit = $291.98/tonne

Ag Stringer Z (3 intercepts)

Avg Vein Width = 1m

Metal Value = $80.61/tonne

Profit = $4.81/tonne

Cantarranas 1+2

Vein Width = 4.5m

Metal Value = $155.24/tonne

Profit = $75.56/tonne

Porvenir Vein

Vein Width = 1m

Metal Value = $55.01/tonne

Profit = Not Profitable

Rata Montanez (4 intercepts)

Avg Vein Width = 1m

Metal Value = $58.98/tonne

Profit = Not Profitable

Corridor Zone (2 intercepts)

Avg Vein Width = 1m

Metal Value = $33.65/tonne

Profit = Not Profitable

La Cruz Vein

Avg Vein Width = 1m

Metal Value =$113.87/tonne

Profit = $27.43/tonne

As you can see from the results these veins span the range from not profitable, to slightly, moderately and very profitable. The two winners are the Montenez vein with a profitability of $291.98/tonne and the Cantarranas 1+2 with a profitability of $75.56/tonne and a great vein width of 4.5 meters. If these two veins extend simaliar to other veins which have already been defined in the order of 400 meters by 600 meters deep and if their grades and widths are similiar to today's drill results then these two veins alone could be a company maker producing the likes of $450 million dollars profit at today's meager silver price of $13.60/oz. If the silver price recovers like we all think it will then many of the not profitable veins would become profitable as well. Last quarter ECU's mill produced a silver recovery rate of over 95% so if these values can be obtained at San "Deigo that would help as well. Regards.