I wasn't going to post, but given the negativity on the board, here is my belated update from PDAC...

Elmer was at a meeting when I arrived at the CUU booth so had a lengthy conversation with Lynn, Cathy. Not much they could disclose on Schaft Creek but did give me some good info on Arizona. Van Dyke seems promising and they have received majority of permits required to commence drilling (7 of 10). The fact this property would be an In Situ leaching operation will reduce the operating costs significantly. Not a massive project like Schaft but can be very profitable.

I ran into Mike while leaving PDAC and had a 15 min conversation. It made the trek worth while. Bottom line, he remains a shareholder as does David MacDonald and Ernesto, who "gets it" and has been in the mining business through his family for years. I asked Mike's take on the fact that Teck is doing nothing to dress this thing up for potential JV so does he expect they will take out CUU and then JV the project? He said he doesn't expect Teck to buy-out CUU's 25%. Would be too much for them and he expects to be taken out by a Chinese buyer. He mentioned how important the JV "right of first offer" was as it enable's CUU to offer it one time to Teck at a price CUU believes is fair and can get on the open market. He expects Teck to pass and then we sell to a Chinese entity, who I suspect they already have an interest from.

Mike has been with CUU for 12 years so I don't feel as hard done by given my time invested. He is in his 70's and seems very positive about how this will play out. Given he could have walked away after they cut operational positions following the JV, he chose to stick around as a director and he consults for CUU. He was wearing a CUU name tag. My overall impression was positive although timing will remain uncertain as Teck drives the bus.

DC14