Friday's news release gave very good grades over terrific widths. The average width of the corridor was given as 35 meters while the assayed drift was an even tighter band of veins at 24 meters. The gold and silver grades given for the 24 meter cut were 1.18 g/t gold and 307 g/t silver. If we dilute these to the average width of 35 meters, we get an average of 0.81 g/t Au and 210 g/t Ag.

Using the proposed 2,000 tpd sulphide mill on this ore and using a 70% recovery rate, we get daily production of 36.46 oz gold and 9,453 oz silver. The annual productoin would be 13,308 oz gold and 3,450,000 oz silver. The value of this production is $172.7 million per year.

Considering the combined market cap of ECU and Golden is about $400 million, $173 million in revenue looks pretty good.

The news release said there is 3,000,000 tonnes of this material. That would supply a 2,000 tpd mill for 4.1 years. Based on the indicated and inferred tonnage in our outdated resource report, we have about 30,000,000 tonnes of minerization which would last a 2,000 tpd mill for 41 years.