Stock price when the opinion was issued
The fiscal policy in Ecuador is not particularly attractive for mining, although it is becoming much more reasonable in terms of cost recoupment. The geological endowment of Ecuador is absolutely spectacular. The discovery that this company has is substantial enough to attract attention of some major companies.
They’ve been in Ecuador quite a while. Formed a joint venture, and made a very impressive copper/gold discovery. There are a lot of other periphery copper/gold systems around there. This is looking pretty good. He missed it, and it is looking more expensive than what he would want to pay for it.