Re: Another Theory.
in response to
by
posted on
Jul 11, 2012 10:51AM
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 Bell Copper was in a desperate situation. However, this was a publically traded company so their properties were hardly a secret. If someone else wanted the properties for more than $2M then they would have had them.
Fortunately we have the advantage of time on our side. We can take our time and explore the properties to improve their value. However, at this time I see no reason to think these properties are worth more than $2M. This is less than 0.5% of our market value so these properties contribute minimally to our value.