I can't pretend to be Argoz but at least I studied 2 years in minerals technologies.

Even if I think the real one can't be replaced, we could assume some numbers...

From memory, there are around 220 million oz silver equivalent at San Diego.

50% x 220 millions own by GOG = 110 million oz

The repartition was near 1/3 lead 1/3 zinc 1/3 silver if I'm right.

The potential price appreciation for lead and zinc is good in my mind but not as good as silver.

Let us just look at the gain of the silver price from two weeks: Around + $9.00/oz

1/3 of 110million x $9.00 = $330 million of additional value in the ground since two weeks only for our part of silver.

Argoz take normally 10 to 30% of the in situ value. I'll take the minimum because we aren't in production: So $330 million x 10% = $33 million

$33 million divided by 40 million shares = $0.825 in additional value

we were at $0.37 two weeks ago so add $0.825 = $1.20/share

If we take the full amount in silver equ. for a maximum value...

110million oz x 10% x $27.73/oz =$305 million divided/40 million shares = $ 7.62 /share

So that is only for San Diego and that is only speculation at this point.

We have to know who will be the operator of San Diego and to establish a new drilling program for the propriety too.

The geology is supposed to be similar to the one of Velardena and the mineralisation was nearer the surface if my memory is ok. So the potential to add more onces seems really good.

For the long term, silver is still very far from the price it will be in 2 or 3 year from here.

Don't forget too,that we have a drilling program underway at Aquilon to test the extension of the very richs gold veins and that we are preparing a bulk mining test.

So we surely can say without taking too much risk that we are realy undervalued...

François