Current gold price = $1133

Current silver price = $18.13

Curent lead price = $1.18/lb

Current zinc price = $1.20/lb

ECU oxide measured and indicated

Gold = 2.95 g/tonne

Silver = 162 g/tonne

ECU sulphide measured and indicated

Gold = 2.06 g/tonne

Silver = 114 g/tonne

Lead = 0.41%

Zinc = 0.58%

The total oxide ore value using 70% gold recovery and 50% silver recovery is $122.45/tonne. The total sulphide ore value using 70% gold recovery and 50% recovery for the other metals is $98.77/tonne. If we reduce the sulphide concentrate 10% for shipping and smelting we get a value of $88.89/tonne.

Since our NI43-101 says we can mine and mill ore at a cost of $25/tonne for wide veins and $45/ tonne for narrow veins we should be profitable at these metal prices. I recall an industry expert saying for a mining company to make it the value of their product should be double their operation cost. We are now in that range with current metal prices. The % recovery rate of our gold and silver is key and hopefully ECU can use the current PP money to achieve higher recovery rates.

I also think that the government requirement implemented in December 2008 which classified us as a non producer has been harmful to ECU's share price. Because of this ruling the companies financial statements do not provide expense or revenue numbers and are very hard to figure out what is going on finacially. Hopefully ECU can get reclassified as a producer now that we are producing. This is a basic concept to you and me, but apparently the government regulators do not make decisions based on logic and common sense.