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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%)

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Message: Re: Tecks position
1
Jul 15, 2012 08:36PM

We do have a fairly strong bargaining position with Teck, I think. We could walk away and keep the 25%, and sell it to someone else not of Teck's choosing at any point in time.

If we walked away, and Teck still went for the 75% they would have to get busy building the mine and increasing our value with every passing day. As they built, the economy would improve, and we would be doing quite well.

We control the timing as well. When the feasibility comes out they only have a limited number of days in which to make their one-time only decision. So they can't keep a hard-line bargaining position forever.

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