For ECU speculators:

[Scorpio]

It has been a most intesting couple of weeks as it picked itself up and proceeded to rise into new highs, before backing off. The volume is still huge, even with Friday's pullback.

From a prior write-up:

4) ECU -- ECU Silver Mining
Current Price: $0.06
Shares Outstanding = 77.1M shares
Reserves and Resources: 36,000,000 Oz of silver equivalent or 0.467 ounces per share outstanding

ECU mkt cap is about $4.6M or about $0.13 per ounce in the ground!!!!!
(to come equivalent to a good company like PAAS, shares would be $0.32/share)(believe me that ECU could not hold a candle for PAAS)


And now with a new price of 12.5 ct Canadian and 97.5M shares outstanding. BTW, that is an awful lot of shares outstanding for this little silver producer. Like I said, this is by no means a decent company. It is just that so many are traveling the globe in search of any silver, no matter the quality of the company. The quality companies will be re-rated to huge levels eventually.

Current Price: $0.125
Shares Outstanding = 97.5M shares
Reserves and Resources: 36,000,000 of silver equivalent or 0.369 ounces per share outstanding.

Ecu market cap is now $12.187 M Candian. Wow, big difference.
The silver is now valued at 0.34 per ounce in the ground. It is still well below the average of good companies in the range of $0.7-1.00 of silver in the ground.

Effectively, the stock could still double from here without running into valuation issues. This is assuming that the numbers for reserves and resources are accurate.

Just a little update for those who give a hoot.........

[Scorpio]

So now they get some chump change to go buy a sandwich. This let alone the recent shareholder dilution. Hmmmmmmmmmm.I wonder who received the 'right' to buy at less than market?

Communiqué


--------------------------------------------------------------------------------

Période: 15-09-2003

--------------------------------------------------------------------------------
Communiqué:
ROUYN NORANDA, September 15th 2003 – ECU Silver Mining Inc. (TSX :
ECU)
("ECU Silver") is pleased to announce that it has reached an
agreement with an arm's length subscriber for a private placement of
a minimum of CDN$150,000 and a maximum of CDN$300,000. The private
placement will be for a minimum of 1,500,000 and a maximum of
3,000,000 units at a price of $0.10 per unit. Each unit will consist
of one (1) common share of ECU Silver and one (1) common share
purchase warrant entitling the subscriber to acquire one (1) common
share of ECU Silver at a price of $0.12 for a period of two years
following the completion of the private placement.

ECU Silver is seeking protection of the issuance price from the TSX
Venture Exchange (the "TSX") and will file a private placement
notice form with the TSX within thirty (30) days. The issuance price
was determined by ECU Silver in accordance with the minimum pricing
requirements of the TSX.

The net proceeds of this offering will be applied to working capital
for general corporate purposes. The proceeds of this financing and
of a current loan will allow ECU Silver to complete metallurgical
testing at the laboratory scale, resume milling to verify the
efficiency of the latest modifications made to its mill and initiate
a diamond drilling program aimed at proving the “gold skarn”
geological model and testing known ore grade veins at depth.

The TSX Venture Exchange (TSX Venture) does not accept
responsibility for the veracity or exactness of this press release.
Contact : Michel Roy, President
TEL:819-797-1210
TEL:011-52-871-727-1061
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