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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: Re: Called the office
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Feb 01, 2013 02:38PM
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Feb 01, 2013 02:40PM
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Feb 01, 2013 02:47PM
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Feb 01, 2013 02:48PM

Thanks lletea and congrats on HL.

I wonder what they have in mind for the Arizona properties? The Van Dyke purchase doesn't appear to have been completed; maybe that is what they are working on.

As for any exploration, I'd like to see a game plan spelled out and not a NR that we already started to drill on something that we don't and won't know about. I'd like to hear about targets and an idea of what it is they are drilling - preferably backed up with a sound geophysical model of what they are looking at underground. Management has used up all the patience and trust I can stomach for the moment. I don't hold much hope that Arizona is going to rebuild any of that till I see something more from them.

If we do have a 2013 programme at Schaft, then I'd like it to be similarly stated as to what it is we will explore (i.e. zones) and prove up (wrt 171Mt of waste) and how big a drill programme is on order. Mike brushed off how difficult it was to get drills ordered up and working during the Dec 24th telecon so apparently the supply of drills and crew isn't a problem. I think camp maxes out at about 3 crews or so. Hopefully 2013 is more convincing than our 5 holes (3 failed) from 2012.

With the clock starting... uhm... Monday... the 120 days would run out June 4th - dangeroulsy close to typical drilling startup at Schaft (typicaly the 1st half of June). Maybe that is part of what these delays have been about, to have the clock ticking while 3 drills steadily improve the value at Schaft by moving the 171Mt of 'waste' to Meas or Ind, and one or more new zones in our 100% cuu lands get plumbed.

jmho

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