Right now ECU is valued at about .50 cents silver in the ground based on the closing share price of .79 cents, 431 million ounces silver eq. and the issued shares of 279 million. This has increased a little with the move higher in the stock. Based on the latest data I have of April 29, 2009 the junior silver average was .71 cents and I would suggest it now is closer to .85 cents. The senior average was $1.92 and is now probably closer to $2.20. In my view ECU should be considered above average on the junior scale and be valued somewhere between the junior and senior price given the resource size, 2 mills (actually 3 mills counting the little one), proven ability to access serious capital in this tough environment and very significant upside to the resource that yet remains as per the outlined Micon potential and massive sulphide feeder system targets.

If I recall correctly the last TD evalution for ECU in 2008 used something like a junior average of $2.58 per ounce in the ground. In 2006 some seniors were getting over $4.50 in the ground with some juniors getting close to $3.50.

The ECU presentation link in the upper right hand corner has a slide of EV comparable values which is now out of date as they are all higher as I indicated above. I also suggest you look under the section at the left of the ECU main page called "photos" as there is one of the TD analysis write-ups posted and it's still very valid with the exception we have been through and are in a major world monetary crisis which should eventually drive gold/silver in the ground prices much higher. I have told a few friends that before this crisis is over in a few years that I expect some mining firm to pay close to $10 per ounce for silver in the ground in an acquisition.