Common sense
posted on
Feb 15, 2013 12:54PM
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'm relying on my own common sense.
CUU's been working on this Feasibility and everything attached to it for years. You think ''WE'' (retail shareholders) just discovered that 12% clause after reading the agreement 3 weeks ago and ''THEY'' (CUU management) just happen to miss it this whole time ? All this as insiders exercised options, bought on the open market and financed the company....
DM was still buying back his shares recently. He didn't have to, he owns 12,386,600 shares and could have picked another undervalued company to put his 150k in. But no he put it back here.
Speak to Elmer or Mike about it and they're not concerned one bit either.
Teck has been involved in the process since Jan 2010. Everything's on the record, communications, phone calls, NR sign off, collaboration between CUU and Teck senior VP's and engineers. Teck doesn't have a case in court here period. In 19 days the 120 days will have started 30 days ago.
As for the 8%, obviously Teck has the right to review all they want but going against it is going against the opinion of : 40 engineers, Tetra Tech, merit consultants, Matt Bender, Moose Mountain and Teck senior technical people. So don't count on that.
Bankable definition in the salazar agreement: ''Positive Bankable Feasibility Study'' means a comprehensive report prepared in good faith that shows the feasibility of placing the Property or part thereof into commercial production and is positive as contemplated in this 5.5.
A) NPV of at least $1
B) In either the following cases
bi) NPV at least $1 using 12%, mine life 12 years, 25,000 tpa
bii) The report will be considered positive, NPV at least $1 using 8%, mine life 15 years, 50,000 tpa
Again, I'm using my own common sense, others have their own.
Here are some interesting comments from Elmer on past articles relating to this subject, it's always been on my CUU blog.