Golden Minerals Company

Our market cap is now $98 million. Since we have over $40 million in cash, all of our properties and equipment are valued at less than $60 million. ECU paid Hecla $8.5 million for the oxide mill I think and Golden Minerals has doubled its capacity since then. ECU's NI43-101 had 430 million ounces silver equivalent plus potential for 2 to 3 times that. With our other properties, 600 million ounces total is a no brainer. That means Golden is valued at 10 cents per ounce which is 280x leverage at $28 silver. When I entered the junior market, the writers said that resource valuation was generally 5%. Nobody says that anymore. Golden would have to increase 14x to be valued at 5%.