Re: NR: Copper Fox Announces Warrant Extension
posted on
Dec 07, 2012 07:44PM
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%)
For me, the saddest part is the implications on reliability in speaking with Investor Relations and/or management, both of whom have indicated that "the next NR will be the release of the BFS." I'm not so worried about the extensions per se because I've already seen a few plausible considerations from this board as to what might be the reason for these extensions. So, I get that. I can accept that.
My problem is that yesterday, when I spoke with Shane, he reiterated the party line that "the BFS will be the next NR." So, one of two realities here is that he a) had no clue what was going on or, if he was aware of this NR coming down the pipeline, then he b) openly lied about what the next NR was going to be.
I don't make judgements on whether he was required to lie, or whatever, to avoid giving me inside information. Either way, what it indicates is that there's ZERO reason to speak to IR. The other part that's hard to swallow is that others have heard from management (iirc) that the next NR would be the BFS. Okay, so they fail the truth test too? I'm openly saddened and disappointed in all of them.
Quite frankly, even if the BFS comes out on Monday, they would STILL require these extensions because Teck has 120 days. Thus, these extensions are required EVEN IF the BFS does come out next week. Think about this. The BFS may not be the only reason for a blackout. Say the BFS comes out next week, but the entire BoD and Management are working on a deal already with Teck. The details of the deal may keep them under blackout even if the BFS comes out next week. So, the extensions make sense to me. No problem.
My problem is the lie about what the next NR would be. Again, it would have been better that they say nothing.
Mad? yes. Frustrated? yes. Pot-Committed? Heck yes. Long until the end? H*ll yes.
Still here,
Hayz
PS: I just don't have the heart to go back through this vent in order to weed out grammatical errors or typos. Please forgive them if you find them.