Re: Both Sides of the Picture
in response to
by
posted on
Feb 11, 2012 01:58PM
CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)
The trickle effect was to make noise. Each time you PP it attracts attention. There's no issue raising 1 large pp. This was done for tactical reasons. I gave them my vote of confidence for using that tactic.
When Elmer determines what we need to do for this year we will see more of this. However, the only pp'ing required right now is to buy land and pay for permits, studies and legal. They have not finalized the years plans and I think this is because things are fluid right now. I do believe they want to be able to help Teck should a hostile offer for Teck occur. I've been tracking this issue for a long time. Last year they felt safe. This year, not so safe. I think Teck has other deals in the works too and could bloat up to nearly double if they felt the need.
They did want to haircut the lower portions off the resource but the primary focus was to get the matbe stuff converted to yup it's there. They did a good job. All of the Confirmation drilling was at Teck's request. I asked if the other holes we drilled were enough for Teck's calculations. Elmer said yes.