Hi pic,

Your mention that, " How totally absurd for silver to shoot up $5 and a company with siver reserves in the world top 10 goes up $.07...." caught my attention. It has to do with reserves vs. resources. From what I gather, ECU has no reserves, only resources, and that may be part of the problem. I think, last time I checked, that all the data on ECU's website refers to measured and indicated resources with some big numbers attached, and over time, I've come to think of them as reserves.

However, in reading the ECU Interim Consolidated Financial Statement of June 30, 2009, I read in #16. "Management of Capital" that "Furthermore, since we do not have proven and probable reserves we cannot predict with confidence the level of cash flows that will be generated form the new mill."

I must say that caught me a little off guard, since I'd come to believe that measured and indicated resources were just another way of saying the same thing as proven and probable reserves. I guess not.

Perhaps some investors are waiting for more assurance that what's in the ground can be mined profitably. And I guess that means ECUneeds to have a feasibility study first to determine if mining what indeed is in the ground can be economically justified, all things considered, before they can move resources into reserves. In other words, though they have the stuff in the ground, can they get it out and make money at it. If so, then we're really off to the races.

I know one guy who threw in the towel, since he doesn't want to wait. I imagine there are others who'd rather jump on miners like GPR (I've got a bunch too) that have production estimates, and all the rest that goes with it, in place into 2012 and beyond. And some of those stocks have been running hard.

I'm still holding a large ECU position, but I've set my sights for the much longer term waiting for the news that puts some production numbers and some reliable dollar signs to what's in the ground.