Great point Gildage. Fully Diluted shares sat at 373,912,159 at December 31, 2010. This figure includes 65,675,426 warrants and options, representing 17.56% of the total Fully Diluted shares.

I believe Market Cap is usually calculated on Shares Outstanding only. As of yesterday's close, ECU's market cap was $255,836,488.39.

What was the Shares outstanding Count on September 6, 2006 when ECU hit its high of $3.65 per share? Per the September 30, 2006 financials, it looks like the Shares outstanding Count in the summer of 2006 was 180,989,893.

Hence, ECU's Market Cap at the high in the summer of 2006 equaled approximately $660,613,109.45. Divided by today's shares outstanding count, $3.65 per share in 2006 is roughly equivalent to a share price of $2.14 today.

Now, ECU was able to obtain a market cap of $660 million in 2006 on a Canadian Silver Price of approximately $14.50. The Canadian silver price is around $46 today.

At a Canadian Silver Price of $46 today, one would think an ECU share price of $6.50 or so today would be somewhat comparable to an ECU share price of $3.65 in 2006 with a Canadian Silver Price of approximately $14.50.

Then you factor in the results of exploration efforts since 2006 and you start to really wonder how it is possible that ECU is trading under $1 a share......