In the case of ECU, I take the January 26th report authored by Bill Lewis of Micon (an independent) who states that there exists between 569 and 930 million “silver equivalent ounces” present at Velardena. This would imply an in situ metal value or “in ground” value of (assuming U.S.$10/oz. silver) of between $5.6B and $9.3B. Using my rule, I am therefore “safe” in buying ECU for a valuation of between $569-930M (10% of in situ metal value) or after dividing by the undiluted shares issued of 242M, between U.S.$2.35 and $3.64 per ECU share. With the shares quoted on 3/17/09 and U.S.$.38, I submit that it is this type of severe discounting that is hampering the TSXV’s rebound while at the same time.