ECU's news release last week reported on assays for two drill holes nos. SJ18-22 and SJ18-23 which were drilled to intercept the A4 vein at a depth above the recent massive sulphide discovery. Drill hole SJ18-22 intercepted the A4 vein and a skarn contact zone while SJ18-23 intercepted the A4 vein but ended short of the skarn. Following are the metal values for significant assays using current metal prices of Au = $802.4, Ag = $12.11, Pb = $0.8174, Zn = $0.7755, and Cu = $3.1145. I have computed the true widths using 50% for SJ18-22 and 65% for SJ18-23.

SJ18-22 A4 Vein

Width = 0.46m

True Width = 0.23m

Metal Value = $388.46 / tonne

Metal Value for 1 Meter Excavation = $89.34/tonne

Ag Equiv for 1 Meter Excavation = 7.38 oz/tonne

Ag Equiv in 600m x 900m block = 11.95million oz

SJ18-22 Skarn Contact

Width = 3m

True Width = 1.5m

Metal Value = $340.46 / Tonne

Ag Equivalent = 28.11 oz/tonne

Ag Equiv in 600m x 900m block = 68.31 million oz

SJ18-23 A4 Vein

Width = 3.5m

True Width = 2.275m

Metal Value = $170.28 / tonne

Ag Equivalent = 14.06 oz/tonne

Ag Equiv in 600m x 900m block = 51.82 million oz

Looking back at ECU's share price since this news release it looks like the market was dissapointed with these drill results. I think the multitude of narrow assays in the news release confused the fact that there were profitable intercepts of the A4 vein and a very profitable intercept of the skarn contact. The market may have been hoping for more massive sulfide discoveries, but these drill holes were intended for intercepts at shallower depths so the fact the we did not intercept the massive sulfides shows that the epithermal vein structure is that much larger and therefore the massive sulfides needed to supply them should be bigger. These drill results also did show that the vein structures are continuous between the upper mine levels and the massive sulphides.

The outlining of the massive sulphides is going to take time and money as they are about one mile below the surface and 900 meters below the drill platform on level 18. This mine will eventually be compared to Wallace Idaho and South Africa mines in that its veins continue to great depth. Regards.