http://www.kitco.com/ind/matlack/nov022009.html

The above link has ratings and earnings tables for base metal, gold, and silver producers prepared by Bill Matlack. Interesting enough, ECU is included with the senior and large cap near producers in the silver category with the likes of Couer, Hecla, Fresnillo, PASS, Silver Wheaton. First Majestic, and Silver Standard. Based on estimated 2009 earnings, it looks like the average PE is 30 if we throw out Couer which is high at 72.6 but expects a big increase in earnings next year. I think it is fair to say that once ECU is in profitable production that their PE should be higher than 30 because ECU will have much more growth portential than the others because their operation will be only 20% or less of the long term tonnage processing rate. I think that in 6 months ECU could have a monthly profit of $3 million if they high graded and did not explore. A fair size resumption of the drilling program would probably bring profit down to $2 million per month or $24 million per year. This would give an earnings of 8.28 cents per share. A 30 PE would give a share price of $2.48. Of course, higher gold and silver prices would only help.

A higher share price in the near term would also be very beneficial to ECU since the conversion of warrents and options into shares would put millions in the ECU treasury. My guess is that this money should start flowing once the share price breachs $1.