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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%)

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Message: Re: Schaft Creek developments
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Apr 22, 2014 01:59PM
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Apr 23, 2014 01:50PM

they did the best they thought they could.

I'll agree they did the best they thought they could do, but definitely not the best that could have actually been done in this time period. The amount of delays, the outcome of the BFS and misleading information leading up to it, the drills coming in and out, the fact that key areas weren't drilled...How can you say that management has actually done everything to the best of their abilities? Many of these things were things that they were criticized of during the time it was happening so it's not like they were just unaware.

One delay from TT? Fine - we can put the blame elsewhere. Several that lead up to a years delay? That's managements fault. 100%. Either they didn't follow-up properly to any real degree or they had 0 oversight. OR they knew, and lied to us about it coming out "soon". This 1 year delay was during the time of the junior bull market. If we had come to a JV deal earlier, it would have most certainly been better, or we would have fetched a selling price during a bull market - not now where we're still in a bear. Managements delays failed us in having any sort of good timing. Timing is everything.

The outcome of the BFS being similar to the PFS but not better like many of us thought? Fine - can't blame management for something being what it is. But worse by a large margin? Well where were we lead astray? Especially with the delay. The allowance of letting the BMO report of -4 cents is incredibly deceiving. The fact that the 171 inferred/waste is something that they knew about and had the ability to drill multiple YEARS after the PFS and before the BFS is a huge mistake. You can either say incompetence of not drilling it and allowing reports using those numbers or incompetence of not drilling it - or both. But at least one.

There's a lot of straight up... mistakes. There's a major lack of communication or forthcoming from management. They've obviously done things right, but they've made some very questionable decisions IMO.

I also believe we will have a successful ending.....chunky

I also believe we will have a successful ending, but mostly because of the property itself. Even with a successful ending at SC, I can't see myself following management to Arizona even if they are bargain properties. It’s not so much that they've made mistakes - but also their unwillingness to admit those mistakes and lack of communication to shareholders throughout our waiting period.

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Apr 24, 2014 11:20AM
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Apr 29, 2014 09:39AM
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