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Excerpt from The Wall Street Transcript's 12/26/05 interview with Western Silver Corporation (WTZ) CEO F. Dale Corman:

TWST: What are the market dynamics today for silver? What are the variables that you keep your eye on?

Mr. Corman: Above ground silver supplies have been declining for the last 18 years. The demand has outpaced supply, on average, by about 100 million to 150 million ounces per year and the total stocks are now down to 0.4 billion to 1 billion ounces from 2.2 billion to 2.8 billion ounces in 1988. If this trend continues, which there is no indication that it should not, then we can expect that most of the above ground silver will be gone by the year 2008 to 2010, which is roughly when we anticipate this project coming on stream. So we are very bullish on silver. Most of silver today comes as bi-products from gold mines, lead- zinc mines and copper mines; only 25% of it comes from primary silver deposits. So we don't think that even a price increase in silver will bring in an awful lot more silver supply in the future.

Source: Western Silver Corp. Discusses Dynamics of the Silver Market (WTZ)