Re: Email from Jason
in response to
by
posted on
Feb 06, 2013 09:02AM
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%)
I am beginning to think that no one knows what the real requirements are
Partly as a result of the controlling document, Salazar, not really being specific in some of its provisions, but that is no surprise
I don't think any of the principles to that agreement had the slightest idea that they would turn up the project that now confronts us
Fact of the matter, the contained terms are nearly comical when you try and get them to fit what we are looking at
The NPV measures for instance are like being fitted for shoes 5 sizes too small
...and 4 years to production is clearly irrational in the current environment
So taking all of this with a large grain of salt, we need for our guys to work with theirs to fashion something that makes sense for the project at hand
That being said, they really do need to do a better job of keeping their retail investors up to speed with consistent information and responses to fair questions being asked
It doesn't help that we get totally different answers to the same question depending on who is answering
..and a lot of the angst is a result of the dismal performance of the shares in the market
We can understand to a certain extent that as a result of the limited number of shares actually trading, the market is not truly reflecting what is happening
But by the same token, the reason those shares aren't trading is because of the potential we believe is there, and that story is not getting out
If Teck for a minute even contemplates coming in with an offer tied to a "premium" of market price, I hope to hell alarm bells go off and we shift to immediate specific performance of all terms in Salazar