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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: Teck's cost per LB.

Pat - I think it's an important distinction to make; Pretty sure 100% of us still see upside. Just, how high?

Is 171MT inferred good in the pit? Absolutely. Gives us a lot of upside, I'd just rather it be realized than be upside (as would a lot of others). It's hard to argue that it wouldn't be better if it was in M&I. "don't want to dillute" sure...but it would cost us a few million, which would in turn improve the NPV by several hundred million and up to a billion.

You have to remember, that all of the inferred isn't necessarily even there. The difference between M&I and I is the confidence interval...I do think that a majority of it is there, but it IS possible that a lot of that doesn't get upgraded, and because of that risk...you just can't value it at full price. There's a reason for those NI 43-101 rules.

I'd buy today if I could. In fact, I'd prefer to have bought today then never in the past. I'd make higher returns, and have waited for a shorter period of time.

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