"In the middle of 2006, when CCU commenced production., they have had 150.000.000 shares at 2.85 CAD!" well markets gone crazy that time, now we are in 2008 a much more defensive market for explorers as in 2006. But i have to agree you that the stock price is a clear buy!!!! Zaruma is going to be a producer, and thats all we are waiting for. With copper prices on these levels and increasing lifetime of the mine we see these stock rising in the future!!