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.

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.

So, if the current value is .50 cents silver, and we assume that it could be $2.58, that would imply that we could have a share price of approx $4 (2.58/.50 x .79).

Then if the price of gold and silver were to rise (aka the crimex sky is falling), and we got some froth in the JPMs, we could see more.

Or am I too hopeful?

Cheers