"In the meantime, I could see this stock in the low teens on a discounted present value basis."

Really??

Given the "per ounce" valuation of the company now (one of the lowest in the industry - less than $3.00 per "reserves + M&I" ounce), and the rising price of silver, you expect to see it lose over 50% of its present value?

What groundshaking change do you see occurring in the near future?

"Let's wait and see whether Pirquitas ever is developed with production."

Well, yes, let's wait and see. It is highly likely, however, as they are currently in construction. How many well financed mining companies ever start building a mine, get well along in expenditures, and then just up and quit? Doesn't happen often.

If you want to cite me cases, just remember:

1. Well financed (easily enough to complete mine construction activities)

2. Construction already started

3. Much of the money already sunk (expenditures well along)

I don't think there is much reasonable doubt that Pirquitas should be profitable - just look at the latest presentation (put into links section)