Re: ''bankable''
in response to
by
posted on
Feb 16, 2013 03:48PM
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%)
It's not bankable if it is flawed. Something has to impare it. But, that doesn't mean they won't or can't argue that the assumptions are flawed. If they find a flaw we get 30 days. If they just want to refuse any and all attempts to satisfy the contract we could counter sue to make a determination point set in stone. And yes, they would have to take this to court. That is very unlikely because we would strive to keep them in the contract as an article of good faith. Failing every attempt we would have no choice but to demand the resolution clause be enforced. It would give us almost the entire mine.
Take note that the Liard and Royal Gold portions combined with what Teck would hold alters the NPV to just barely over $1. I do not think this is by accident. It might even just tip it negative. Then we would have to drill on our own dime and find a new partner and I bet there would be plenty lined up already. That is plan B.