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SOUTHPEN

09/12/12 4:10 PM

#15016 RE: BullionNation #15014

HL,situation is weird. They have 5X the share structure as we do ,yet only produce 2X the S&G. In order to get 3M more oz's from Lucky Friday,they spend a good deal of their cash. What's left is about 5X what USGIF has. Go figure how they are priced so much higher. It is all because we have not yet proven ,from Drumlummon that our gold assets will be worthy of the merger and that our new management is able to do what they initiated. HECLA (in share price)should be very little more than us,if you factor everything . It's beginning to become a sector all about sentiment and little to do with asset value,so we have to wait.