ECU Value Analysis

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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.

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argoz

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ECU Value Analysis

posted on Dec 14, 2008 03:12AM

Here is my old table updated for the latest NI 43-101:

ECU Price / Resource Value Analysis Tables

Analysis Using Measured + Indicated + Inferred Resource

NI43-101 Release Date

12/10/2008

1/24/2008

6/30/2006

7/25/2005

NI43-101 Ag Equiv OZ (Mil)

430.729

216.636

98.417

23.676

Data Point Comparison Date

12/14/2008

6/3/2008

11/10/2006

12/4/2005

Shares Outstanding

242,609,557

212,729,000

175,413,000

Silver Price

$10.24

$16.70

$13.025

$8.59

Resource Value (Mil $)

4,410.66

$3,617.80

$1,281.90

$203.40

Resource Value Per Share

$18.18

$14.91

$6.03

$1.16

Share Price

$0.812

$1.44

$2.90

$0.40

Value per oz Silver

$0.457

$1.61

$6.27

$2.96

Resource / Market Cap

22.39

10.35

2.08

2.90

Analysis Using Measured + Indicated + Inferred + Potential Resource

NI43-101 Ag Equiv OZ (Mil)

*1,826.33

1,177.03

145.417

Resource Value ($Mil)

$18,701.62

$19,656.40

$1,894.10

Resource Value Per Share

$77.08

$81.02

$8.90

Value per oz Silver

$0.108

$0.297

$4.24

Resource / Market Cap

94.93

56.26

3.07

*Includes 50% increase of potential resource to include base metals.

My evaluation of this table is that ECU is currently 4 to 5 times undervalued based on MI+I and should be a $3 or $4 stock. When silver goes back up to $20 we should be $6 or $7 using a value of $3.50 per ounce MI+I.

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