Re: Stock Option---Question?
in response to
by
posted on
Jul 10, 2013 09:50AM
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 know many here on the board are suffering from major shareholder fatigue, and I include myself in that group. That being said, I don't think we really want to think about what will happen if nothing materializes with Teck. There are several people on this board who have stated that Teck backing out would be the best case scenario, as they would forfeit their rights to claims. This is true, but it would put copper fox in an unfortunate situation of being cash poor, possibly having to dilute further, and having to attract some other suitor. Let's be honest here. We're not talking about a small project here, and there aren't too many companies at this time who would be willing to take on a project of this size. So I'm content if things get sorted out in the near term (one to two months), than the potential of the abovementioned alternatives, which could cause this story to drag on for years.
On a separate note, I would happily vote against an extension of any warrants. I agree with chappy's post. Those options should be given as a type of bonus for a job well done. I am sensitive to the fact that Teck's role may be complicating the picture, but in any case, I have a bitter taste in my mouth for the many missed deadlines and the inexcusable lack of communication that this company has shown to its shareholders.
On a final note, nothing has changed in terms of the fundamentals and metal in the ground. I will go on assuming no news is good news, and that if Teck wasn't interested, they would have walked already.