One commonality I think we can all agree on , is that La Presciosa is true to it's name- a rare and precious silver deposit. With a Prime location; 240MM mineable ounces; good grades; lots of bluesky potential we have been dealt a very good hand on a comparative basis with other silver junior exploration companies. Key to valuation of Orko is of course the price of silver ( medium to long term). As a pure silver play Orko is leveraged to the price of silver. I was struck by the large number of precious metals commentators who over this past weekend ( one example is Clive Maund) who see silver breaking to a huge upside in the short term . Then we have TD Securities commenting on Gold Corp's valuation for 2013 and recommending a buy. Looking at their projections for silver in 2013 they peg it at $36.00 and their Long TERM ( beyond 3 years) price for silver is $27.50. I believe other big bank analysts have a similar long term range for silver in this territory. There-in lies the challenge when financing a commodity producer. Most companies rely on Bank-sponsored Investment Advisors - I believe Orko uses BMO Capital Markets as well as GMP Securities. BMO touts itself to be one of the worlds experts in assessing mining projects. While most of us salivate at the thought of silver going past the $40.00 or even better past $50.00 level in the next year, unless the financiers who advise mergers and acquisitions, re-evaluate the long term price of silver ( which I dont think will happen soon) a more modest silver price will be used to assess this project. Perhaps $30.00 IMHO. I could be wrong but I dont think I am too far off. So for me, it comes down to other tangibles such as the price of oz of silver in the ground. George Cavey did a slide for an Orko Investor presentation in late 2011 entitled :AVERAGE ENTERPRISE VALUE PER OZ OF SILVER BY STAGE. Some of you may have seen it. Simply put the value of any project will increase from discovery to construction stage. The low end is discovery and as the resource is defined and expands the value continues to increase. Now at the PEA stage the per oz valuation was somewhere over the $3.00 range. At Feasibility Stage the value was pegged at $7.00 and at full construction stage the value per oz was $10.00 oz. To be clear I am not certain how the data to support this slide was compiled but the slide did reference several companies at various stages of development. So where are we at? We have a resource which continues to be defined. We do not have a PEA although we anticipate this will be done for February 2013. We will not likely see a FS as this means time and money. Ditto for construction- not going to happen. But AMEC has done alot of work and now are preparing the mine optimization plan. So I believe they are well advanced in the PEA process. Also it should be noted the MAJOR producers( I would assume a couple of C/A's signed are major producers) have their in-house expertise and would be equally familiar and have a sense of what the enterprise value per oz would be. There are a plethora of factors one has to consider when coming to any valuation. And any one of location. grade, size of resource , blue sky potential and of course the key one - price of silver, will influence overall valuation. If ALL of these metric are aligned we have a ROYAL FLUSH! Personally, I like Orko's hand.