Re: Both Sides of the Picture
in response to
by
posted on
Feb 10, 2012 09:18PM
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%)
Yes, many of the points have been discussed here before. I suppose I mostly posted to share my frustrations.
2. We have a shareholder group that is voracious for news, and many were asking about the delivery of the BFS, and of course management was optimistic given what they were being told. Now my guess is sometime in November they had the inkling that the contractor's pieces woud not all come in on time, but the contractors like any contractor I've ever worked with keep you optimisitic with their answers. Of course no contractor wants to state "I'm actually working slower than I should be, and probably wont meet my own targets I've committed to", so they play the game. " We're working hard to get it done, etc". Management did what they had to do.
Yes, our group here is very demanding with respect to news releases. However, Copper Fox could make things much easier for everyone if they could pinpoint dates. Knowing what quarter the Feasibility will be done is good. Knowing what month, week, or even day would be much better. Being able to manage schedules is an important part of their job.
3. I wondered about this at one point, and called around. Even talked to the folks that prepared our 2D. I learned also that Mgmt is NOT about promotion, and pumping out news releases on every tiny tidbit of info that comes into their hands. Elmer had a methodology of sending the cores in, and waiting till the complete results were in his hands and then announce with one announcement. Others I've experience with indeed throw out flurrys of news releases but you dont get the complete picture and have to piece it together yourself. oh, well.
Okay, I can agree with their approach.
4. What makes you so certain that the financings were NOT all previously discussed and agreed to? It does the intelligence of Mike & Mr.E and Others a disservice to think otherwise. I for certain feel that an amount of borrowing was discussed early on and Mr. E, said something along the lines of "Sure, I agree, however I will loan in stages" This would show good fiscal judgement as he could manage his own cashflow, take advantage of share fluctuations, and ensure the company was doing with his money what they said, in the time frame they said it.
I am definitely not an expert on financing but I think that if they knew they needed this much money they would have gone to the general public. By only allowing EE to participate in the financings they are locking out many other potential buyers. I personally would have loved to get a piece of that last offering. A strong offering drives the share price higher.