I see many times people talk about speculation in this stock. Some think speculation is too high, others think we are not speculating enough. So, in this kind of situation, most would say, "lets go with the facts".

So, here is the fact that says how much gold we know for sure was on the Tesoro to date;

recovered 1,076 ounces of gold (avg. grade 0.93 oz/t) from underground bulk sampling program;

http://steliasmines.com/projects/peru-projects/tesoro-peru/

Lets say at an average POG of $500 per ounce (for simplicities sake)when it was mined, thats about $500,000 worth. We slightly have over a $200 million dollar market cap for our company at the moment. So, it should be safe to say that, after taking the 3 Peru properties into consideration, with no speculation, that they are worth about $1,000 (just a guestimate on the cost to keep up the claims for a year.)on the balance sheet per year. So, by looking at facts, our SP is almost 100% speculation. It wouldn,t matter if our SP was .60 or $60, it would still be 100% speculation. Most all exploration stocks fit in this 100% category. The only time an exploration company comes out of the speculation level is when it or one of its properties is sold. Then the amount can be transferred to the balance sheet and give you a factual worth.

See, something is really only worth what someone will pay for it, someone could speculate that gold is worth $1550 per ounce, but if no one buys it, its not worth a thing.

What I am trying to get at here is this;

We are not the only company with speculation built in the SP, take Continental Gold for example. They have a market cap of around $750 million with no production, just drilling and $80 million cash sitting in their treasury. Strip out that $100 million in assets, you are left with speculation in the tune of $600 million. Mind you they are way further ahead than us on drilling, but still the $600 million is speculation. If someone won,t buy this or they can,t put it into production, its worthless.

The whole Venture exchange is speculation, but thats where big companies got their start from and worked their way up. So, the next time you just want to look at the facts when investing, I don,t believe you will be investing at all. You have to have some degree of speculation or you will not make money.