The news today is beyond expectations, IMO. A resource of 29 Million oz silver, M&I, outlined in just a few months is pretty da** good. A point that is worth noting is that the 43-101 estimate only took into account the drill intercepts in the main Veta Madre vein. As has been reported there are parallel veins in the wall rocks of Veta Madre and other drill intercepts in Refugio that were not used in the current 43-101 resources estimate. This is very conservative and indicates to me that I can have a good confidence-level in the estimate and that ultimately the resource within the area covered in the 43-101 may actually be greater than is reported today. Also worth noting is that drilling has only covered 40% of the known strike length of Veta Madre and underground drilling indicates that the vein is open at depth! The veins on the property have exhibited very good continuity in grade and the 1.5 meter actual thickness used in the resource calculation is very conservative. The NR release noted that the average thickness of the Veta Madre vein encountered in drilling is 5 meters. I am curious what the justification for using only 1.5 meters in the calculation was.

As the NR stated, Micon has estimated a conceptual potential resource based upon what may be expected as the other known veins are explored at 87-177 million oz! This statement of potential will not be a part of the 43-101 because there is limited drill/sample data to support the conceptual potential at Real de Catorce. So the question becomes, how reliable is this gauge of potential?

IMO, studying the property map and other info released, this estimate seems reasonable and conservative. I like the way they calculated the potential, the low range is based on extrapolations of grade and tonnes at levels that are 70% of the base case. So let's stay on the low side of the range... as suggested in a post on the other BB, if one uses a price ratio of silver to gold of 1:50, then the potential at Real de Catorce is close to 4.5 million oz of gold equivalent. What is a gold stock worth at this level with similiar shares issued? I think there are examples in the market today that are good comparisons, Canplats being one such stock. So is Normabec ultimately a multiple-bagger from the current SP? You make the call.

Veta Madre has shown that surface samples are indicative of what is found at depth. I think this is why Micon had the confidence to make a potential estimate for the known veins on the property that have been identified by old workings and surface expression. It should be noted that in the estimate of potential, a true thicknes if 2.4 meters is also conservative IMO because of drilling and surface widths have exceeded 20 meters in some locations. Also grades have been drilled that are in the Kg/tonne range.

Have to go... I will post more later as I digest the news. Certainly, IMO, there is great up-side potential for this deposit.

Please do your own due diligence and do not take my opinions as investment advice.