Armchair Director
in response to
by
posted on
Aug 22, 2012 09:28AM
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%)
While we wait, and since Management hasn't asked me lately about my share price expectations, I'd rather submit my bottom line now so Management can point to it as base case in their negotiations with Teck rather than complain about it later should we settle for less. I am concerned when they say we have to lower some expectations. Don't listen to those who will be happy with $3-4. My minimum is $6, if we are giving away the whole District. If not, keep the 100% owned and 2 KM claims and do a serious drill program for the next couple of years. I'm basing this on your suppression of the spring survey for the delayed MIRA to better interpret the data and the lack of assay results but the early closing of the Camp. It seems the mining community feels things look good and are done based on the run up 2 Fridays ago. All we need is one more Schaft Creek between CUU North, South, Discovery, GK and ?) and if Management believes it might be there, well the District, plus say.. Paget plus ...? will support a second mine. In fact I'll dash off a memo to BHP B right after this! I still say a minimum of 25% Schaft (comes with control and its own financed mine right inside the box) and all our other claims is a great deal for another major.
So Teck, play nicely. Management - I know you'll get most of the value we deserve. I'm hoping you think my minimum is low. You're a great team and I am looking forward to our next venture(s).