Hindsight
in response to
by
posted on
Oct 06, 2014 06:47PM
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 changed the heading again so people could follow this thread)
Since everything is in hindsight. What should've happened? What could Elmer do that would be better than today? Salazar agreement? Drilling?
He couldn't have changed the Salazar agreement because he bought that from Salazar so he had to take it as it came.
I have heard on a number of occasions that he was happy to buy the AZ properties because he wasn't tied into producing a FS before he could try and make some money on the project. With SC it was get a positive FS produced or we get nothing.
Given what we now know, I would say he should have gone for substantially more funding earlier and drilled in a big way. Also, he should have gotten a report on the pit design at an earlier stage, if that was possible, and done the technical drills that were needed.
I think he genuinely thought this would take less time and was always playing catch-up in a sense. Like when the FS was delayed by TT he used the opportunity to delay for even longer to incorporate the silver and the 2011 drill results. That decision could have been taken earlier, but I doubt he knew about all the delays ahead of him.