Re: Lost confidence in management
in response to
by
posted on
Mar 19, 2012 09:50AM
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%)
I stated a while ago that I am numb from all the delays and I would not be surprised if we fell into Q2 for the FS. It is however quite dissapointing. Folks have stated that managmenet is top notch. Well, in my opinion, that remains to be seen. Two well respected posters GL and WG have also shown their frustrations on the numerous delays.
On the +ve side, I like the fact that we may see the Ag and 2011 drilling in the FS. Only makes sense to me. Especially the Ag. It seems that the FS would not be a complete document without the Ag.
Looks like Tetra may have had some staffing issues or either lost some staff or just plain too much work. I do know for a fact that qualified consulting staff in the mining industry are at a premium. Too bad, AMEC is notoriously late on deliverables so I gave CUU the benefit of the doubt and I liked the switch to Wardrop/Tetra but it seems as though it does not make a difference.
Anyhow, good luck to all.
Elmer Stewart President and CEO of Copper Fox said, "The delay is disappointing as it will add further delay in completion of the Feasibility Study on our Schaft Creek project. Our objective has always been to complete a realistic and practical feasibility study to maximize the economics of the project. The addition of Jim Gray will complement the Tetra Tech mine planning group to efficiently complete the most economic mine plan for the Schaft Creek project. We are confident that the combined efforts will get this project back on track. Fortunately the other components of the feasibility study outside the Mine Plan are well advanced. This unexpected delay may be an opportunity to allow inclusion of the updated 2011 drilling results from the Paramount and Liard zones into the mine plan and an opportunity to re-visit the possibility of incorporating the silver into the updated resource estimate."