Nice work to step up and address many of the issues that have affected this stock, and fill in the blanks for shareholders. I am encouraged by the last few commentaries from management since I believe it is up to the company to sieze control of the discussion and issue firm and clear guidance so all shareholders know exactly what the value of this company is, and the potential that it has going forward.

When the drills start turning I think ECU will break out of the downtrend and start heading north to the $2 level, and if they repeat the previous success and find additional high grade zones, then this stock could easily double.

Managing the efficiency of operations is probably the most important aspect to the story right now. I commented last month on some red flags that I was concerned about, including the poor grade control at the mine and the marginal performance at the mill. To me the company absolutely must demonstrate they can be self-funding through the mining operations before the market will take them seriously. I think the tolerance for another cheap financing is thin. They have to make it work now on what they can generate internally, and fund the exploration budget, and then address the debt. So getting the throughput grade higher at the mill, extracting maximum efficiency of the metals in the circuit, and maintaining ore production in the mine without just mucking in tons of waste rock, are all extremely important. It appears management appreciates this and has taken steps to improve each of these issues.

I am also happy to see the company acknowledge they are getting interest from potential JV or merger partners. I have always believed that ECU cannot develop this project to its full potential on its own. They must attract a well funded partner to underwrite a cap-ex development program in the hundreds of millions of dollars. As they prove up addition high grade resource the chances to do so will improve.

I think silver is headed to $50 within the next few quarters. The economic value of the resources at that time will compell a major to participate in this project either through a JV or a takeover. ECU share price is likely to rise as the company gets closer to this reality. I am very happy that I have maintained a core holding through the years. I should also disclose that ECU is a paid advertiser on my website. I do not consider myself unbiased. I think they are on the right track.

cheers!

mike