Re: Contract Discussions
in response to
by
posted on
Feb 11, 2013 11:09AM
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%)
Another possibility - Teck would commit to buyout 100% of Schaft Creek within the next 120 day period. Teck's lawyers will be busy preparing a new Option Agreement for the rest of CUU, having us do more exploration on the new claims to include Teck's newly purchased properties and a new BFS. At that time, if BFS is positive and bankable, Teck wil have first choice tol buy out 100% (or less) of CUU under the new Option Agreement. This way, Teck gets the best of both worlds.
1) They will buy 1-2 years extra time before committing a large chunk of $$$;
2) They will have time to accumulate more $$$ and see how economy is; and
3) They can focus on Schaft Creek.
In the end, Teck gets their DISTRICT and be the largest mine.