the problem with applying the same yardstick to each ounce of silver is that the market values them differently. the pirquitas project has roughly 140 million ounces of silver. if you base its value on the shafter project, you would say those ounces are worth $140 million. but a full feasibility study has already been done, the project is only months away from completion, and at current silver prices its net present value is about $900 million. the ounces at pirquitas will be sold for $17+, and they are currently valued at a lot more than the $1/oz. of the shafter project.

i have already written at great length about the company's projects and resource base, so please review some of my earlier posts.