Company Web Site: www.ecu.ca

(NI) 43-101 reports from projects located in: Mexico (MX)

This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-01-20. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-11.

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More External Links: Agoracom ECU Silver Discussion  |  Canadian Insider Trading

Recent Production

• 2008 : 2008, production to June 30, 1.58K oz of gold and 73.791K oz of silver.

Source(s): See p. 4 of 9 in the Management Discussion & Analysis for the three-month period ended on June 30, 2008.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-11

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper	Lead	Zinc
Velardena Sufphides	MX	$21.32	0	3%	97%	1.81 M oz	137.06 M oz		459.26 K t	557.81 K t
Velardena Oxides	MX	$0.86	0	77%	23%	122.43 K oz	7.88 M oz
GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal						Gold	Silver	Copper	Lead	Zinc
Metal Totals						1.93 M oz	144.94 M oz		459.26 K t	557.81 K t
Metal Prices in US$ (from 2010-03-11)						$1,108.90 per oz	$17.15 per oz	$3.36580 per lb	$1.01820 per lb	$1.05510 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)						$6.84	$7.93	$0.00	$3.29	$4.14
Percentage of Total Metal Value						30.81%	35.72%	0.00%	14.82%	18.65%
PP% | MI% | I%						0 | 9% | 91%	0 | 7% | 93%	0 | 0 | 0	0 | 1% | 99%	0 | 1% | 99%
GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
Metal Value per Share (MVpSh)						US$22.19
Average Ore Value per Tonne						US$242.7
Metal Value Leverage (MVL)						34.97
Market Capitalization as % of Metal Value						2.9%
Recent Stock Price						C$0.65   (TSX/TSXV close on 2010-03-11.)   Conversion rate used: 1 Cnd$ = 0.976275 US$ )
Fully Diluted Share Count						313.58 M    ( Fully diluted share count taken from ECU Share Structure Web page (dated September 2008) plus ECU Silver Announces Closing of its $17,500,000 Bought Deal Financing (Feb 20, 2009) which increase the fully diluted share count by 50.0M (shares plus warrants plus T.B.D. over allotment ). )
PP% | MI% | I%						0 | 5% | 95%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade						2.097 g/t
Market Capitalization     per oz of Gold In Ground						$102.93   US$  |   105.43   C$
Gold Eq Oz Estimate						6.27 M oz   ( 1.93 M oz are in ground)
Market Capitalization     per oz of Gold Equilavent						$31.71   US$  |   32.48   C$
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade						157.2 g/t
Market Capitalization     per oz of Silver In Ground						$1.37   US$  |   1.41   C$
Silver Eq Oz Estimate						405.72 M oz   ( 144.94 M oz are in ground)
Market Capitalization     per oz of Silver Equilavent						$0.49   US$  |   0.50   C$
See terms for more about GoldMinerPulse metrics.

Additional Notes:

Potential Resources    -    Vederdena Web page (viewed January 26, 2009) containing updates from the January 24, 2009 (NI) 43-101 report update.

Estimate of Potential Resources

The mineral potential of a property cannot be estimated to the same accuracy as a mineral resource and must be stated as a range. To calculate a range for grades, a factor of minus 10 % was applied for the downside and plus 10 % for the upside potential. ...

GoldMinerPulse metrics exclude the Potential Resources and have only consider the (NI) 43-101 recognized resource categories (i.e. measured, indicated and inferred). 

GoldMinerPulse Coverage Status:

• GoldMinerPulse coverage of ECU Silver Mining Inc. is complete pending a final internal review.

(NI) 43-101 Report:

Title: NI 43-101 TECHNICAL REPORT UPDATED MINERAL RESOURCE ESTIMATE FOR THE VELARDEÑA DISTRICT PROPERTIES
Date: 2009-01-20 (189 pages)

Project Location: Durango, Mexico  /  Mining Region: Sierra Madre Occidental

Map View: View the Velardeña Area on a Google Map.

Most Optimistic Resource Estimates (MORE):

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.36	101.96 K oz	2.950 g/t	1.08 M t
Silver	$0.31	5.61 M oz	162.400 g/t	1.08 M t
Estimate notes: See Table 1.2 Summary of the Measured, Indicated and Inferred Mineral Resource Estimate for the Velardeña Properties as of November 15, 2008 on p. 13 of 189 in the (NI) 43-101 report dated January 20, 2009. Resource estimates are based on a NSR value cut-off of US$45 per tonne and US$25 for vein packages. Also, note: The above table includes the 50% of the resources attributable to ECU from the San Diego property which is subject to a joint venture agreement between ECU and Golden Tag. GoldMinerPulse assumes that the separate San Diego (NI) 43-101 is already counted in the above figures based on the comment on p. 13 of 189 of the (NI) 43-101 report: ECU’s mineral resource estimate includes its 50% attributable portion of the resources located on the San Diego property where it has a joint venture agreement with Golden Tag. The resource estimate for the San Diego project has been reported in its entirety in a separate Technical Report dated January 20, 2009. Note: GoldMinerPulse tracks resources in the Proven, Probable, Measured, Indicated and Inferred categories and does not include historical or Potential resource classifications. As a result, the Table 1.3 Summary of the Mineral Potential Range for the Velardeña Properties estimates on p. 14 of 189 in the (NI) 43-101 report are not included.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.07	20.47 K oz	1.680 g/t	379.00 K t
Silver	$0.12	2.27 M oz	186.200 g/t	379.00 K t
Estimate notes: See notes for Measured + Indicated above.

(NI) 43-101 Report:

Title: NI 43-101 TECHNICAL REPORT UPDATED MINERAL RESOURCE ESTIMATE FOR THE VELARDEÑA DISTRICT PROPERTIES
Date: 2009-01-20 (189 pages)

Project Location: Durango, Mexico  /  Mining Region: Sierra Madre Occidental

Map View: View the Velardeña Area on a Google Map.

Most Optimistic Resource Estimates (MORE):

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.25	71.20 K oz	2.060 g/t	1.08 M t
Silver	$0.22	3.93 M oz	113.800 g/t	1.08 M t
Lead	$0.03	4.41 K t	4,100.000 g/t	1.08 M t
Zinc	$0.05	6.24 K t	5,800.000 g/t	1.08 M t
Estimate notes: See Table 1.2 Summary of the Measured, Indicated and Inferred Mineral Resource Estimate for the Velardeña Properties as of November 15, 2008 on p. 13 of 189 in the (NI) 43-101 report dated January 20, 2009. Resource estimates are based on a NSR value cut-off of US$45 per tonne and US$25 for vein packages. Also, note: The above table includes the 50% of the resources attributable to ECU from the San Diego property which is subject to a joint venture agreement between ECU and Golden Tag. GoldMinerPulse assumes that the separate San Diego (NI) 43-101 is already counted in the above figures based on the comment on p. 13 of 189 of the (NI) 43-101 report: ECU’s mineral resource estimate includes its 50% attributable portion of the resources located on the San Diego property where it has a joint venture agreement with Golden Tag. The resource estimate for the San Diego project has been reported in its entirety in a separate Technical Report dated January 20, 2009. Note: GoldMinerPulse tracks resources in the Proven, Probable, Measured, Indicated and Inferred categories and does not include historical or Potential resource classifications. As a result, the Table 1.3 Summary of the Mineral Potential Range for the Velardeña Properties estimates on p. 14 of 189 in the (NI) 43-101 report are not included.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.15	1.74 M oz	2.070 g/t	26.14 M t
Silver	$7.28	133.13 M oz	158.400 g/t	26.14 M t
Lead	$3.26	454.85 K t	17,400.000 g/t	26.14 M t
Zinc	$4.09	551.58 K t	21,100.000 g/t	26.14 M t
Estimate notes: See notes for Measured + Indicated above.