Escobal is the jewel Timmins and Peru are decent mines but Escobal remains the jewel of the portfolio. During 2016, Escobal was the second largest silver mine in the world with 21.19 mln ounces of silver production. Escobal is very efficient with low costs of production so the foregone cash flows have been significant. Guatemala needs exports to generate $US for it's international balance of payments so we have been very surprised by the government's extended period of economic dysfunction. Members of the US Congress have communicated with the Guatemalan government to protect American corporate interests. Ron Clayton should shed some insight on Escobal during today's conference call. Risks are high but the returns could be decent. We are maintaining our 1.5% allocation.