Re: Stock Option---Question?
in response to
by
posted on
Jul 10, 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%)
I support the decision not to drill.
Drilling will prove up more copper in the ground. The problem is that our share price is not being held back because of a lack of copper in the ground. Our share price is being held back because of poor economics. Drilling alone will not improve the economics. Drilling, an updated Resource Estimate, and an updated Feasibility are all required before the economics will improve. At their pace, it will be 2 years before the additional drilling positively impacts the project economics. We should have a decision from Teck long before then so additional money spent on drilling is not a good idea at this point.
It's a good financial decision at this point, unlike the decision not to bother raising any money on our run up to $2.50+.