Yes, it's me again. From the outside looking in. I was tempted to buy back in last week because I thought Teck might unveil some big plans for Schaft Creek. Those plans did not materialize.

I disagree that no additional drilling is required at Schaft Creek. The amount of drilling at Schaft Creek is very low compared to other deposits that are in development:

Schaft Creek - 100,000m

Red Chris - 594,000m

Mt Milligan - 220,000m

Blackwater - 357,000m

Quebrada Blanca 2 - 322,000m

Sierra Gorda - 327,000m

The mineralization within the pit still appears to have gaps in it (in particular, the eastern wall at 6361000). This will affect the economics of the mine. Teck is not going to spend $3B building a mine without first spending a few million to determine whether these areas are mineralized. The mineralization outside the pit is also very poorly defined. This will affect the mine life. With the current data, the mine life is restricted to 21 years. Any larger pit shells are not economical at this point. If Teck wanted to advertise this as a long life asset I would expect they would complete some more drilling to prove up additional mineralization. For comparison, they drilled enough at their QB2 site for a 39 year mine life. So in my opinion, additional drilling is required before Teck moves forward with this project.

I also don't understand how the board viewed the news today as positive. Not only is Teck not completing any drilling, they make no mention of the Environmental Assessment. The EAA is a critical path item in the development of Schaft Creek. Without it, construction cannot begin and a mine decision will not be made. I have a hunch that the EAA that Elmer turned over to Teck was nowhere near as ready for submission as he lead us to believe. The feasibility study had a production date of Jan 2020 and it looks like things are already a year behind schedule.

I also don't understand the excitement around the "Engineering Studies". The BC Hydro Facility Report is an engineering study. The baseline aquatics report that was "due" July 2013 is also an engineering study. Galore Creek has been doing engineering studies for years. A Resource Estimate or Feasibility Study would be mentioned directly if they were underway. Teck does not simply surprise their shareholders by working on things secretly.

No drilling. No EAA. No path forward. I don't see Schaft Creek being developed any time soon. That's my negative/realistic view of things.