written up again. I'll summarize. buy recommendation 12 mos target $4. Strong 3rd 1/4 results. Cash flow of .11cents exceeded expectation of .03cents. Revenue 25% higher than expected due to increased gold prodn. More of a gold producer at this stage (over 70% of 3rd 1/4 revenue came from the yellow metal. Cannot help but wonder if the perception of being a silver producer often discounts the comp. share price. Stock trades at a discount 2 peers. Trades at 5.4x it Price/cash flow ratio and 7.2 times its P/E ratio, versus peer group 8x P/CF and 11.6 P/E (all figures on 2013 estimates). Higher grades to be mined in 2013 (2.2grams of gold per ton and 88 grams of silver per tonne in 13 versus 1.5grams of gold and 43grams for silver per tonne). CCD processing plant into operation in 2014 at Elena with production from the site's underground resource. SVL makes an excellent acquisition target for larger miners. Low cost producer with strong growth potential, safe juridiction. Put out by Dundee capital in a nov 15 report so things have gotten better already. glta!!