THIS STOCK IS ISABLE

http://www.kitco.com
http://www.investegate.co.uk/Article.aspx?id=20110720065958M0622

This junior resource market is now all about people. Money is cheap, (though I suspect not for long) and there are lots of properties out there � but finding the right people who can provide deal flow who are qualified and trained to manage these assets � is very difficult. Nowadays finding these teams at an early stage investment can be just as challenging to the retail investor. I have found a new silver company that I believe has very capable management and are beginning to implement their business model - Arian Silver (AGQ-TSXV).

CEO Jim Williams has assembled a strong team for this company. Chairman of Arian Silver is Tony Williams (no relation), who is also Chair of European Minerals (EPM-TSX). Tony has raised more than a hundred million dollars for EPM, and raised hundreds of millions in the 1990s for resource companies as the European head of Yorkton Securities.

David Cohen is on the board � David is CEO of Northern Orion Resources (NNO-TSX, NTO-AMEX) which is a low cost producer of gold & copper in South America generating substantial cash flow.

Interestingly, Gord Keep was President of the public shell company on the AIM board in the UK (Hard Assets Inc.) through which Arian Silver first went public. Keep is Managing Director of Endeavour Financial, one of the most powerful mining finance houses in North America. This tells me the Endeavour group has a substantial position in Arian, as Hard Assets Inc. received 46% of the merged company. (There are 90 million shares issued on this company.)

Sponsorship like this is important in the market. It tells the market that this company has the ability to raise a lot of money for a big asset that will garner a lot of attention. And that�s one of the main reasons I�m following the company � I believe this team will acquire an asset that will deserve a much higher market capitalization than today. Growth via acquisition is how Endeavour and its management teams built up Wheaton River Minerals (WRM-TSX, since merged with Goldcorp), Bankers Petroleum (BNK-TSX), and Urasia Energy (UUU-TSXV). I just can�t say when that might happen.

Arian has acquired progressively larger assets to date, all in Mexico. Two are especially interesting to me:

One is Calicanto, which appears to be a large (i.e. wide and long) high grade vein system. The company is currently completing two bulk samples from an adit now underway. Assays are due soon.

All are "brown-field" sites with substantial past exploratory works having been undertaken and generally have significant mine infrastructure in place.

Typical silver grades are around 700 g/t, the silver: gold ratio is ~ 500:1. Some of the better results from the initial phase of the Calicanto exploration campaign include >10,000 g/t Ag and 10.9 g/t Au over 1.2 m, 1,720 g/t Ag and 1.92 g/t Au over 1.7 m, 649 g/t Ag and 2.37 g/t Au over 1 m. These samples were taken from veins which are part of a wider (4.5 - 5 m) zone of stockwork mineralization.

Their latest acquisition is very intriguing. It�s called the TEPAL project, which was explored in the 1970s and the 1990s by a number of companies including INCO, Teck and Hecla. The historical data indicates 78.82 million tonnes of mineralization grading 0.5 grams/tonne (g/t) gold (Au) and 0.25% copper (Cu), equating to 1.23 million contained ounces of gold and 432.63 million contained pounds of copper. The historical data also indicates potential for higher-grade within these zones. The property has great size potential.

Both INCO and Teck were interested in Tepal as a copper-gold porphyry target, regarding silver only as a by-product. Hecla's primary focus on the Project was as a large tonnage, low-grade gold target. Tepal has not been systematically tested for silver by previous owners, because of its low price. Arian management obviously believes that potentially significant quantities of silver, as well as other metals, could also be present at the Tepal Project.

Let�s look at what this project is worth at today�s metals prices courtesy of KitcoCasey.com

http://www.kitco.com/pop_windows/kitcorockcalc.html

78M tonnes of .484 g/t AU and .249% Cu makes the rock worth $28.62 per tonne or a $2.2B in gross metal value.

What makes the project more than a low grade coppery porphyry is that the majority of holes were not assayed for silver � yet the press release commented that �Silver was assayed for by both INCO and Hecla and returned some interesting values.�

Take the $28 rock and add potentially 10 - 20 dollars per tonne for 1 � 2 oz silver grades and all of a sudden you have a project that runs (to put things in perspective) 1.5 grams per tonne gold equivalent. There are many mines in Mexico that work at those types of grades. This project already has the size it needs to be a mine � they just have to prove that silver grades throughout the ore are consistent and really are �interesting� enough to improve economics on the deposit. Arian Silver is a fresh new story with a strong technical and financial team behind it. While Endeavour�s deals often have more stock out than their peer group, this has provided them with strong incentive to find assets that command a much higher market cap and stock price � making us money. BNK-TSX Bankers Petroleum, and Urasia Energy, UUU-TSXV, are the most recent telling examples of this. Arian being recently listed is a telling sign that the story is just starting to unfold. This is early money, so be patient � but it should be very rewarding. I am long the stock.

Gord Zelko
MineralSTOX.com

All statements and expressions are the sole opinions of the editors and are subject to change without notice. This article is neither an offer nor solicitation to buy or sell any securities mentioned. The information is based on information that is public and that we believe is to be factual and reliable and in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. MineralSTOX.com is not a registered investment advisor and does not offer investment related advice.

Bought in heavelly this am,on reports such as the following,seems to be paying off?

http://www.youtube.com/watch?v=iaUSysfQ_J8http://www.investegate.co.uk/Article.aspx?id=20110314070212M0551

http://www.investegate.co.uk/Article.aspx?id=20110427070000M2212

http://www.ariansilver.com/i/pdf/2011-May-CCEO_Statement.pdf

http://www.investegate.co.uk/Article.aspx?id=20110603070000M7102
Some dumpong on news and their's the end of tax year in sight,i expect many are exercising their allowence,back in 30 days
http://www.investegate.co.uk/Article.aspx?id=20120529070004M8433
http://www.investegate.co.uk/Article.aspx?id=20120822070033M6253
http://www.investegate.co.uk/arian-silver-corp-%28agq%29/mkw/arian-silver-signs-definitive-contract-for-new-.../20121127070025M1503/
http://www.investegate.co.uk/arian-silver-corp-%28agq%29/mkw/operations-update/20130219070024M9832/
http://www.investegate.co.uk/arian-silver-corp--agq-/mkw/arian-silver--39-s-md-amp-a-and-results-for-the---/20131128065956M2733/

Silver up 3.25%.Looking for a blue in the morning.

ULB looke were're blue,trying to break 50p?
cyril

Blue all the way, what a great birthday i'm having today keep it going up up up...
pmg doing very well also.

ULB Happy birthday,clearly a good one.
cyril

agq up 17% and pmg up 32% the best birthday present ever....

New thread,nothing to offer,no charts etc. Undoubtably by a couple of de rampers,best ignore.

ARIAN SILVER commentary from recent broker visit to mine

Underground operations are progressing according to the mine plan at both the Ramal Sur and Santa Ana sections, with both diesel driven and electrical driven jumbos carry out development drilling within the two separate sections. Power supply to the San Josmine has experienced a threefold increase to 450 kva from 150 kva.
Development off of the existing ramp is advancing to access richer sulphide ores at depth. Current exploration drilling on surface has extended 6km from the San Joshead frame where intercepts are seen to be wide, and should arouse excitement once assay results are returned from the lab.


Broker comment: investors will be more interested in news from the lab, but its encouraging to see the steps being taken to turn this into a major silver mine.

January 31, 2011

Arian Silver Drilling Update at San Jose

LONDON, ENGLAND--(Marketwire - Jan. 31, 2011) - Arian Silver Corporation ("Arian" or the "Company") (TSX
VENTURE:AGQ)(AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A), a silver exploration, development and production company with a
focus on projects in the silver belt of Mexico, today reports the first batch of assay results from its
recently started Phase-3, 10,000 meter ("m") drilling programme, at its 100%-owned San Jose Property in
Zacatecas State, Mexico.

Highlights:

/T/

-- Approximately 35% of the Phase 3 drilling completed;
-- Eight drill holes completed and assayed between the Santa Ana and
Solidad resource blocks, and an additional twelve drill holes completed
and awaiting assay results in the Guanajuatillo area along the San Jose
Vein ("SJV");
-- Mineralisation remains open along the SJV;
-- Drilling is currently being undertaken more than 6 km west of the San
Jose Mine head-frame (west of Guanajuatillo) to evaluate strike
extensions; and
-- In addition to silver, encouraging high base-metal values increase
economic potential.

/T/

Commenting on today's operations update, Arian's Chief Executive Officer, Jim Williams, said:

"This current phase of drilling has had a good start with the rapid completion and analysis of these initial
eight holes with a further twelve holes so far completed this year which are currently awaiting assay results.
The drill hole assay results confirm significant mineralisation within even more of the SJV system between the
Santa Ana and Solidad resource areas, and this additional mineralisation will inevitably increase the overall
mineral resource in this zone when the next resource update is undertaken. We now very much look forward to the
results of further drill holes which have been drilled the furthest west yet along the SJV."

Core (Diamond) drilling is underway using two 'Longyear 44' drill rigs. Eight drill holes have been completed
and assayed to date for a total of 1570m. All eight drill holes have been positioned between the previously
demarcated Santa Ana and Solidad resource blocks and the results, seven of which (note: one hole of the eight
failed due to a breakage prior to intersecting the vein) are tabulated in the appendix to this news release,
confirm the continuation of significant silver, lead and zinc mineralisation between these two blocks. The high
base-metal assemblage together with silver is encouraging and is typical of this type of epithermal vein
system. Intercepts include:

/T/

-- Hole SJ-10-113 comprising 1.83m (true width) with 177 g/t Ag, 4.83% Pb,
and 9.24% Zn;
-- Hole SJ-10-115 comprising 1.38m (true width) with 305.7 g/t Ag including
a number of vein stringers with up to 564 g/t Ag; and
-- Hole SJ-10-116 comprising 5.47m (true width) with 242.5 g/t Ag and 1.03%
Zn including vein stringers with up to 339 g/t Ag.

/T/

The location of the drill holes in relation to previous holes in this specific area are shown on the plan,
which can be found at:

http://media3.marketwire.com/docs/Santa-Ana-Plan.pdf

The location of the drill holes, including the additional twelve which are awaiting assay results, in relation
to the overall area are shown on the plan, which can be found at:

http://media3.marketwire.com/docs/barrenoscompletos1.pdf

Current drilling is now concentrating in the area west of Solidad, along the western extension of the SJV,
known as Guanajuatillo, and the results of this drilling will be reported when received.

All technical information for the San Jose Project is obtained and reported under a formal quality assurance
and quality control (QA / QC) programme. The core is logged and photographed by Arian staff and then split
using a diamond saw. Half the core is stored on-site in a secure core shed and the other half is labelled,
bagged and secured before transporting to Stewart Group's sample preparation facility in Zacatecas, Mexico.
Each sample has its own unique sample number. The entire half-core is crushed to minus 10 mesh and a half
kilogram riffle split is pulverized and homogenized to minus 200 mesh. The pulp samples are then air freighted
to Stewart Group's analytical laboratory in Canada for analysis. Systematic assaying of duplicates, blanks and
certified reference material is performed for precision and accuracy; quality procedures and processes are
continually reviewed and monitored with protocols in place to deal with any non-conformity. Stewart Group's
laboratories in Zacatecas, Mexico, and Kamloops, BC Canada are ISO 9001:2000 accredited.

Approximately 5% of the analysed samples are re-sampled and sent to (ALS Chemex) preparation facility in
Guadalajara, Mexico. The samples consist of both coarse reject samples as well as pulp samples. The coarse
material is crushed and pulverised according to the same protocol, and the pulp samples are air freighted to
ALS Chemex's analytical laboratories in Vancouver, Canada, for analysis. Results from all duplicate analyses
are compared to identify potential analytical or sampling errors.

Stewart Group and (ALS Chemex) Laboratories are independent of Arian.

The samples were analysed for a multi element scan by aqua regia digestion and ICP (inductively coupled plasma)
finish. High-grade samples (greater than 200 g/t Ag) were re-analysed by fire assay with a gravimetric finish.

Qualified Person

Mr. Jim Williams, Eur Ing, Eur Geol, BSc, MSc, D.I.C., FIMMM, the Chief Executive Officer of Arian, is a
"Qualified Person" as defined in the AIM guidelines of the London Stock Exchange, and a "Qualified Person" as
such term is defined in Canadian National Instrument 43-101 ("NI 43-101"). This press release has been prepared
under Mr. Williams' supervision. Mr. Williams has verified the data disclosed by this release.

Forward-Looking Information

This press release contains certain "forward-looking statements". All statements, other than statements of
historical fact, that address activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without limitation, statements relating to the proposed
drilling programme at San Jose) are forward-looking statements. These forward-looking statements reflect the
current expectations or beliefs of the Company based on information currently available to the Company. Forward-
looking statements are subject to a number of significant risks and uncertainties and other factors that may
cause the actual results of the Company to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially realized, there can be no assurance
that they will have the expected consequences to, or effects on the Company.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or otherwise. Although the Company
believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking
statements are not guaranteed of future performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.

any thoughts, on the current direction of the SP ?

Are AGQ going to rocket, and any idea when?

cheers

At present looking for a support level which could be as low as 35p,seems that next will be in the shape of asswy results once the mobile lab arrives.So nearer the end of Feb imo to be followed shortly after by resource update,when things should hot up?Patiene required,just look at AAZ which which floundered before starting to recover of late.

Thank you very much.

Have a good day!

http://www.kitco.com

Click on above to find out precious metals, Gold up now $1359, Silver $28.75,

Adding this site to header.

The rising silver price + the herd have left seems to have consoluated the SP in the low 40p's,taken the following from another board,well worth a read.

XCap: 148p - 247p, Edison: 88p-195p

Dictum de dicto

Now that the lemming activity is over with, we can get back to looking at Arian's true value.

In the bemused environment of the last week Edison's update seems to have got lost/ignored.

One of the most obvious points is that Arian would probably be capable of paying dividends, even with only 2011 production levels:

'2011 (Estimates) $USD

Profit Before Tax: $7.9m
Earnings Per Share: 2.9c'

At the moment the plan is divert excess cash into expanding the resource base but much of the current phase has already been funded by the Sprott investment a few months ago.

The choice is between dividends or more resource.

'INVESTMENT SUMMARY

Arian has commenced commercial production at San Jose, with c 70t of concentrate having now been produced. Stoping is concentrated on the Ramal Sur block, while the main haulage is advanced towards the high-grade Santa Ana block. The in-line impact crusher is nearing
completion, which should increase both throughput and recoveries, while Arian's own laboratory is currently in transit for Mexico. At a silver price of US$27.19/oz, we estimate that Arian has the ability to generate earnings between 2.7c and 3.0c per share over the mine's official 4.5-year life.

INDUSTRY OUTLOOK

Assays from eight exploration holes have demonstrated the continuation of the San Jose vein 6km from the mine, with grades in excess of 300g/t Ag (c 10oz/t). Assuming Arian delineates new resources at the same rate per km of exploration drilling as in the past, we estimate a US$10m exploration programme should delineate a resource valued at 88-195p per AGQ share. At the time of writing, the silver price was US$28.01/oz'


The last two paragraphs reflect Edison's view. However, XCap are somewhat more bullish and have given us some more numbers to work with.

Using XCap's numbers we find that at a silver price of $28.80 and a resource find of 120m oz, Arian's value would be around 148p/share.

At 150m oz it would be 185p/share

And at 200m oz it would be 247p.

I don't know what the Edison resource range is but I assume that it can't be that different.

However you look at it, I think it will be very disappointing if we don't see a resource valued somewhere in the region of at least 160p this year. The market will probably not give it that value, but I can't see why 125p would not be possible. At 160p, a 100p valuation would represent quite a significant mis-price.

A great recovery today after touching 37p,now 43.75p. Undoubtably the strength of silver has helped along with PI's getting back in at bargain rates,buyers dack in town as news on the horizon,later feb for assey results and resource and production figures to follow soon later.

FOCUS: Speculators Continue To Leave Gold, Return To Other Metals

07 February 2010, 10:54 a.m.
By Debbie Carlson
Of Kitco News
http://www.kitco.com/


(Kitco News) - Gold continues to experience a drop in speculative interest, while the other metals market have seen funds come back to establish bullish positions, according to data from the U.S. government.


In its weekly commitment of traders data released Friday, the Commodity Futures Trading Commission noted in both its disaggregated and legacy futures and options combined reports that speculators continued to reduce their net-long positions in the yellow metal.


The reduction in positions came even as prices rose on the Comex division of the New York Mercantile Exchange for the week ended Feb. 1. April gold settled at $1,340.30 an ounce, up $6.50 during the reporting timeframe. March silver settled at $28.514 an ounce, up $1.709.


Precious metals prices were reignited as the Egyptian crisis generated geopolitical uncertainty and the U.S. dollar weakened, according to Morgan Stanley.


Meanwhile, April platinum settled at $1,833 an ounce, up $45.70, and March palladium gained $38.80 an ounce to settle at $823.55. Copper rose to $4.547 a pound, up 32.1 cents.


Gold saw a hefty chunk of gross longs and shorts exit the futures and options market. Managed-money accounts sliced 10,504 gross longs and 5,634 gross shorts, meaning the net-long position fell to 124,794 contracts, the fifth week in a row of a drop in the net long. This is the smallest net-long position for funds since the disaggregated reports were started by the CFTC in September 2009.


In the same report, producers and swap dealers also exited both gross longs and shorts, shrinking the size of their net-short position.


Non-commercials cut gross longs by 12,328 contracts and shorts by 7,205, reducing their net-long position to 170,706 contracts. Commercial participants cut slightly more short positions than long, modestly reducing their net-short position.


Barclays Capital said the non-commercial positions are now at their lowest level since May 2009, and gross longs are at their lowest since March 2010.

Speculators returned as buyers in silver, with the managed-money sector adding 2,875 gross longs and cutting 2,489 gross shorts. The net-long in the disaggregated report for this group now stands at 23,457 contracts. Producers and swap dealers added to both sides, but added more gross shorts, increasing their net-short position.


The size of the net-long position for funds grew in the legacy report, but they cut both more gross shorts than longs, which allowed the net-long position to rise to 33,162 contracts. Commercials added to both sides, and increased their net-short position.

Barclays Capital attributes the rise in the net-long by non-commercials as short covering, rather than new buys.


Managed-money accounts in platinum metals group returned to adding to their net-long position by adding gross longs and subtracting gross shorts. In platinum, funds net-long stands at 26,678 contracts, just shy of their all-time high position as detailed in the disaggregated report. For palladium, the net-long fund position is at 13,492 contracts.


In the legacy report, funds added to gross longs and cut gross shorts in both PGMs. The fund net-long for platinum now stands at 30,562 contracts, while the fund net-long for palladium rose to 15,260 contracts.


Anne-Laure Tremblay, precious-metals strategist BNP Paribas, said investor interest in platinum has rebounded notably since the end of 2010 and they are driving prices in the white metal. While the overall picture for platinum is improving, the physical market is not sufficiently tight to underpin a sustained price rally in our opinion. It is investment demand so far which is largely responsible for the better performance of the metal since the beginning of 2011, she said.

The net-long position for managed-money traders in copper rose to 32,040 contracts as they added gross longs and cut a modest number of gross shorts. In the legacy report, non-commercials added to both gross longs and shorts, but saw more new longs created, lifting the net-long to 24,711 contracts. Commercials added to both sides and increased net-shorts.


For more information, including definitions and a further breakdown of data, please see: http://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm

By Debbie Carlson of Kitco News dcarlson@kitco.com

Dont Miss a Word! Read Kitco News on the Go with Kcast Gold Live for iPad! Get it now!

<

http://www.gotgoldreport.com/2011/02/bullion-banks-get-smaller-in-comex-silver-futures.html#more

Silver through the $30oz.

GOLD testing $1400 and Silver at $33.42 .


LONDON, ENGLAND--(Marketwire - Feb. 21, 2011) - Arian Silver Corporation ("Arian" or the "Company") (TSX
VENTURE:AGQ)(AIM:AGQ)(FRANKFURT:I3A)(PLUS:AQG), a silver exploration, development and production company with a
focus on projects in the silver belt of Mexico, is pleased to report an update on operational activities at its
100%-owned San Jose Property in Zacatecas State, Mexico.

Highlights:

/T/

=- Widest yet intersections of economic grade silver mineralisation in the
first two holes in the Guanajuatillo area along the San Jose Vein
("SJV");
=- Phase 3 drilling completes to-date 24 holes for 4450 metres ("m") of the
10,000 m programme and 14 of these holes are pending assays;
=- Mineralisation remains completely open along strike and depth;
=- To date, 68 tonnes of silver-bearing concentrate sold from the 120
tonnes produced so far; and
=- Semi-mobile laboratory awaiting customs clearance in Mexican port.

/T/

Commenting on today's operations update, Arian's Chief Executive Officer, Jim Williams, said:

"We are highly encouraged by the latest results from our current phase of drilling along the SJV. We continue
to confirm the presence of significant silver mineralisation in a westerly direction along the strike of the
SJV and have intersected the widest zones yet of economic silver mineralisation in this area in the two holes
announced today. We have now completed 24 holes in this phase of drilling, which is about half of the planned
programme, and continue to drill further west following the extensive strike of the SJV. A revised resource
calculation will be undertaken on conclusion of the current 10,000m drill programme. Fine-tuning of both the
mining and milling operations is ongoing, with 120 tonnes of silver concentrate produced to date. Proceeds from
the 68 tonnes of concentrate sold to date amount to approximately US$580,000, subject to a final pricing review
and possible adjustment."

Drilling continues using two 'Longyear 44' drill rigs. Twenty-four drill holes have been completed to date for
a total of 4,480m. The initial eight drill holes, which have previously been reported (January 31, 2011 press
release), were positioned between the previously demarcated Santa Ana and Solidad resource blocks. This latest
batch of assay results comprising two holes were positioned around the village of Guanajuatillo, some six
kilometres west of the San Jose head-frame, while the remaining holes, which are awaiting assay results, are
located west of the village of Guanajuatillo. These two holes continue to confirm, as expected, the
continuation of silver mineralisation along the SJV in a westerly direction. The latest intercepts of note are:

/T/

=- Hole GW-11-002 comprising 9.80m with 150.1 g/t Ag, including 1.56m with
428 g/t Ag;
=- Hole GW-11-006 comprising 15.94m with 118.4 g/t Ag including 0.82m with
330 g/t Ag.

/T/

The location of the drill holes in relation to previous holes in this specific area are shown on the plan,
which can be found at:

http://media3.marketwire.com/docs/Arian_Plan_A.pdf

A simplified sketch plan showing the demarcated drilling areas along the SJV can be found at:

http://media3.marketwire.com/docs/Arian_Plan_B.pdf

Current drilling is now concentrating in the area west of Guanajuatillo village, and the results of this
drilling will be reported when received.

All technical information for the San Jose Project is obtained and reported under a formal quality assurance
and quality control (QA / QC) programme. The core is logged and photographed by Arian staff and then split
using a diamond saw. Half the core is stored on-site in a secure core shed and the other half is labelled,
bagged and secured before transporting to Stewart Group's sample preparation facility in Zacatecas, Mexico.
Each sample has its own unique sample number. The entire half-core is crushed to minus 10 mesh and a half
kilogram riffle split is pulverized and homogenized to minus 200 mesh. The pulp samples are then air freighted
to Stewart Group's analytical laboratory in Canada for analysis. Systematic assaying of duplicates, blanks and
certified reference material is performed for precision and accuracy; quality procedures and processes are
continually reviewed and monitored with protocols in place to deal with any non-conformity. Stewart Group's
laboratories in Zacatecas, Mexico, and Kamloops, BC, Canada, are ISO 9001:2000 accredited.

Approximately 5% of the analysed samples are re-sampled and sent to ALS Chemex preparation facility in
Guadalajara, Mexico. The samples consist of both coarse reject samples as well as pulp samples. The coarse
material is crushed and pulverised according to the same protocol, and the pulp samples are air freighted to
ALS Chemex's analytical laboratories in Vancouver, Canada, for analysis. Results from all duplicate analyses
are compared to identify potential analytical or sampling errors.

Xcap Express comment

These results show continuous mineralisation over a 6km stretch from the mine head: impressive by any standard. Arian cited a cost per tonne of $30 for extracting the ore. As a simple rule of thumb we can assume around a 90% recovery with a further 10% taken by the refiner. Even at 118g that still leaves at current silver prices a pre-tax profit per tonne of $76.