Re: The way i see it
in response to
by
posted on
May 31, 2013 11:32PM
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 don't think we gave them an audited statement of expenses.
I think we did. All the NR's up to February 4, 2013 included the statement:
Should Teck elect to exercise its option for 75%, Teck is required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox ($84.3 million to July 31, 2012) and use its best efforts to arrange for project financing, including the Copper Fox portion.
Then, on February 4th we had the NR that announced the FS was filed on Sedar. It contained this statement:
Should Teck elect to exercise its option for 75%, Teck is required to fund subsequent property "Expenditures" (as defined) up to a total of 400% of those incurred by Copper Fox ($85.3 million to December 31, 2012) and use its best efforts to arrange for project financing, including the Copper Fox portion.
It wasn't until the January statements were released that this figure first showed up. Those statements didn't come out until March 27th, but this figure had already changed on the NR as of February 4th--the date the FS was published and we were told it was delivered to Teck. Also the whole "expenditures" (as defined) thing was new on February 4th.