Just spoke to Lynn - 4pm
posted on
Dec 21, 2012 04:07PM
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%)
She was surprised to hear that people are reacting so negatively to this BFS. Lynn reminded me that the mine site is so much larger and therefore the expenses are so much larger, and the fact that they are operating on 8% only, means they are being ultra conservative. They have not given Tech a copy yet as there are some things still to be signed off by Tetra Tech, and they have the next 45 days to do so. She said other mining companies would be very impressed that they had 170,000 of valuable tailings and would know the worth of CUU. Lynn also said that Elmer kept his word and released the BFS before Christmas and that would give everyone a good break to read the whole thing in detail and come to a positive conclusion. They would rather err on the side of caution than be overly optimistic. She cheered me up actually because she said why would anyone sell before they see what happens with Tech? Good enough for me to hang onto my shares. Merry Christmas everyone! MTS