Re: Buyout
posted on
Jun 05, 2012 02:38PM
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%)
That is exactly what alot of us are thinking here Ripantuck! I also think the 2012 drill program is designed to up the ante and quicken Teck's decision. To fully drill this district would take decades. Elmer knows this but to get a quick decision and a more value for a buyout offer they can do a limited drill program to prove that this indeed is a district wide resource. If they can show that I think they will be able to command a much higher premium for a complete buyout than just presenting a BFS. Management has always expressed the desire to sell the whole thing and not just parcels here and there. That's why, imho, there is not going to be a CUU 2.0. Elmer already has his CUU 2.0 in BXX.