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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: Do We Vote?
3
Aug 17, 2012 03:38PM

Mike has already answered that question. The sale of Schaft Creek is a significant company asset and management would ask all the shareholders to vote on any proposal for a sale.

I think it is more likely that CUU shares will be sold than an asset sale because the the tax treatment is borne by the individual shareholders and not the company, and the receipt of Teck shares partially or in full consideration is a much better tax resolution for the entire Board including EE.

In the event that we wish to retain any or all of the 100% owned property including what is inside the 2KM zone if we can't get Teck agreement, then I don't think there would be anything stopping us from rolling those assets into another company owned in proportionate shares by CUU shareholders now. It looks like we may be going to buy the Arizona property in a wholly owned subsidiary from the outset, and that could become our future exploration company which would be spun out if CUU shares are purchased for Schaft Creek plus agreed on properties. I'd love to go forward with Mr. Echavarria as our Treasurer.

The office says today the BFS is still on time.

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Aug 17, 2012 04:34PM
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