First let me say thanks to Bows, Kees, Silverforever and Acquisces for their excellent work and  discussion related to Excellon's valuation.  I am a longterm holder of Excellon and before it Silver Eagle.  We have ridden some choppy seas with management having gone from near bankruptcy in 2008 to where we are now....getting closer to a meaningful CRD discovery.  In my opinion the share price is significantly under valued at this point but  will not make appreciable moves until:

1.  Investors are comfortable that the labor situation at the mine is totallly resolved and labor and management are pulling in the same direction.  This may take a couple more quarters.

2.  We have two to three reputable analysts following Excellon and issuing positive information about our direction.

3.  We have substantiated that we have located the Elephant and we have an updated Reserve Study documenting that we "have a very significant increase in our reserves in the ground." 

4. We have a plan in place to up our mining and milling capacity to take advantage of a formitable CRD find.

Having said this, I believe we now have a very good management team in place  and that they are heading in directions which will allow us to meet the four objectives outlined above.  Once we accomplish the above the value of Excellon will be contingent on the amount by which our proven and inferred reserves increase.  Assuming a proximal CRD of 10 million tons and given the mineral content of  drilling to date a 100 million ounce increase in reserves seems within reason and valued at $5/ounce Excellon could realize a $1.75 increase in share price for a total of around $2.25.  If the CRD is larger or if additional reserves are identified in Canada or on the former Silver Eagle properties the price could increase accordingly. I believe it is likely that the CRD we identify on La Platosa will yield more than a 100 million silver eequivalent find so bottom line I think $2.25 is a conservative valuation.