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7/13/09

ECU Silver (ECU.to): It's embarrassing

I mean, where do you begin with this dog? How can anyone that tries to pass themselves off as a GATA-expert in precious metals pump this scam with a straight face? Oh my stars...let's add a line or two to the ECU.to PR this morning:
TORONTO, ONTARIO--(Marketwire - July 13, 2009) - ECU Silver Mining Inc. reports on dore bar fabrication for the month of June.

Big deal. What kind of double-monkey cares about these monthly updates anyway? Who, apart from the greenest of greenhorn, gives a tarnation about these never-ending puff-pieces from a company that doesn't even have the common decency to announce when its lamentable quarterly results are filed?

In the month of June, our operations treating the oxide resource generated 32 dore bars with a total weight of 685 kilograms (kg).

Whoopdy-doo

Our assays of the dore bars indicated that they contained a total of approximately 542 ounces of gold and 14,406 ounces of silver.

At $915/oz Au and $13/oz Ag, that's U$683,208, or in loonies C$785,689. Once you've paid operating costs there may be enough left over to pay for the next bullshit press release.

To date we have generated 150 bars with a total weight of 3,071 kg containing 1,704 ounces of gold and 61,248 ounces of silver.

Or in other words, four months of farting around with a two-bit mill stolen from its previous owners and you've managed to get gross revenues of maybe C$2.5m. That's before you pay operating costs, the extravagant SG&A numbers you guys file, those stock-based compensation packages and those very cool undated loans that management offers itself. And even after its recent swandive in PPS this is a company with a market cap of close on a hundred and fifty million loonies! I just can't wait for the next quarterly, guys!

The amount of dore bars and the total weight for June was lower than that generated in the month of May due to a planned shutdown of the mill during June.

Well, let's ask our friend the owl what he thinks of this, cos this is new news, no?

We are planning to introduce higher grade gold material into the mill and the shutdown was initiated to make modifications to the mill to improve recoveries of this gold rich material.

What, so the other stuff you've been feeding is shit-grade? Dammit, why didn't you tell us before when the stock was touching 90c? You could have saved us all a ton of cash, dudes...bummer...

Productivity of the oxide operations was excellent as we averaged 451 tonnes per day (tpd) during the 19 operating days of June versus last month's average production of 408 tpd. The maximum milling rate for the month of June was 549 tpd versus the 493 tpd achieved in May.

And if you do a quick calculation, you'll work out that ECU has run about 20,000 tonnes of mineral through its pilfered machine so far, which means that the 80,000MT of total oxide ore they had to start with is depleting rather rapidly. So waddadey gonna do when the oxide mineral runs out? Maybe they can try putting through some of that sulfide stuff to see if it works*.

Dore shipments continue on a regular basis with the first of July's shipment having been made recently.

Doré is a brand of savoury crackers down this way...maybe they've confused their mid-morning snacks with production here. The end.

*yes, joking