Re: Jim Gray--Galore Creek
in response to
by
posted on
Sep 23, 2012 03:16PM
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%)
my point was that Teck isn't our friend, they are a business partner and they are more then likely pissed to have given this away.
Where does this notion that Teck is pissed to have given this away, come from? They have many, many contracts with juniors who go out and spend other people's money to explore. Teck couldn't possibly spend all that money on their own exploring everywhere. They just sit back and wait for something promising to be proven up, to have the feasibility produced that will show there are minerals in the ground and that it is cost-efficient to mine them. Then they get to step in and for a pittance, in our case about a quarter $million, take the lion's share of the project. Sure if they want it all they will have to buy us out but then they could easily sell off a portion to another major and make money doing so.
I don't think this makes them pissed...I think this makes them very, very pleased to have one of their junior ventures come to fruition. The juniors are taking all the risks, not Teck.