Question-and-Answer Session
Operator
Okay, thank you. (Operator Instructions). And your first question comes from the line of Anthony Saracino, Saracino Metals. Please proceed.
Anthony Saracino - Saracino Metals
Good morning everyone.
Phil Baker
Hi, Anthony.
Anthony Saracino - Saracino Metals
Hi. With regard to the pre-feasibility study at Lucky Friday, are you still using hatch and do you intend to double check their work?
Phil Baker
Yeah we are still using Hatch engineers and look, we have a process of peer reviewing not just the work Hatch does, but our own work and work of others. So we will be quite careful. Ron do you want to add anything.
Ron Clayton
You hit it dead on. We've got back checks and double checks only to make sure everybody is on track.
Anthony Saracino - Saracino Metals
Okay, that’s good to hear. You had said that exploration spending right now is estimated at $25 million for 2008. Would you break that $25 million down by property?
Phil Baker
Yeah, someone has it. You got it right there, okay. Greens Creek 1.3 million, I'm sorry $5.7 million Lucky Friday; $1.3 million, the Silver Valley. So not Lucky Friday specific, but there's silvery valley is 5.7; Mexico 4.3, and Venezuela 3.8. Not sure what that adds up to. That’s about right. And whatever the balance is to get 25 will be unallocated. We will as we successful movement around.
Anthony Saracino - Saracino Metals
Okay, fine. Thank you very much and congratulations on a good 2007 and a great start to the New Year.
Phil Baker
Okay, thanks Anthony.
Anthony Saracino - Saracino Metals
You're welcome.
Operator
(Operator Instructions). And your next question is from the line of [Bill Soleski with August Research]. You may proceed.
Bill Soleski - August Research
Thanks. Good morning guys and congratulations on a good '07 and positive start in to 2008. I just had a quick question as it pertains to Venezuela with respect to your operations there. I know the political environment there is potentially changing. But I know the government had formally come out and said some rhetoric to the degree where they want to diversify some of their revenue sources by actually expanding the mining industry.
I was wondering if there's been any contact you've had with them recently, whereby they've given any indication as to changes forthcoming with reference to that. Has there been any commentary with you to them, with reference to any potential changes going forward, even in light of a potentially changing situation over the next few years.
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