The following link gives Pan American Silver's silver reserves, resources and historical estimates http://www.panamericansilver.com/inv... .

If you total up the silver for all 9 of their properties they have 561.6 million ounces of silver. This is less than ECU if our potential ounces are included. ECU has 619.7 million ounces of silver plus significant gold and base metal credits all at just one district/3 properties.

Pan American's market cap is currently 1,372 million dollars, while ECU's market cap is only 175 million dollars U.S. So we have more silver spread over fewer properties, yet we are valued at only 13% of Pan American Silver? If this story plays out right, ie higher silver price = higher share price = big mill with minimal stock dilution = much higher share price, we will have to start paying capital gians taxes again.