Extract from this evening's edition. GLTA

RD: So based on all this, where should investors look?

What companies do you like at this time?

We note Nicholas’s favorites continue to target many from

the past as management progresses as hoped on most,

but he also gives us comments on a multitude of others,

call for specifics.

SilverCrest Mines reported an updated resource estimate for

its 100%-owned La Joya project in Durango, Mexico. More

importantly, SVL outlined a higher grade starter pit for the

La Joya project. SilverCrest also reported an initial resource

estimate for the Contact Zone at La Joya (a tungsten/

molybdenum deposit) that lies below the AgCu Rich


What does it mean, Nicholas gives us a summary. “We

have adjusted our valuation to reflect the updated resource

estimate for La Joya. We ascribe an in situ value of

US$1.50 per silver-equivalent ounce for the higher grade

resource with an additional value of US$0.50 per silverequivalent

ounce for the lower grade resources. Our valuation

of the La Joya project has increased to US$169 million,

up from US$152 million previously. The net impact is

an increase in our peak silver price estimate of NAVPS

(5%, US$35/oz Ag) to $5.92, up from US$5.76 previously.

We continue to value the shares of SilverCrest based on a

0.75x multiple to our peak silver price estimate of NAVPS.

We note that SilverCrest is currently trading at 3.1x 2014E

CFPS and 0.49x P/NAV (5%, spot) versus the junior producer

average of 7.0x 2014E CFPS and 0.65x P/NAV (5%,

spot).” Bottom-line? Target goes up.