I also considered Aquiline Resources and ECU Silver "twin" companies in terms of their large reserves and undervaluation and I owned both until recently. However, when I understood that Aquiline was facing a continued ban on open pit mining last summer, I sold my holdings of Aquiline.

Too bad for me, but that is not the point I want to make. What it means is that you cannot compare the price paid for Aquiline's presently "not minable" resources with those of ECU Silver's minable resources. Unles they have some informal green light from the Chubut Province governor, PAAS took the risk that may have to wait many more years before they can exploit the Navidad resources and the price should reflect that risk.

Comparison of the two would therefore do no justice to ECU Silver.