Re: It doesn't make sense
in response to
by
posted on
Nov 15, 2014 04:46PM
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%)
Pikerel: I recall grant claiming he heard from a neighbor teck was transferring schaft creek claims to galore.
Dogger: Awwww, They did. Teck even got the port.
This thread got off-track but I wanted to return to this point. The Schaft Creek claims were not transferred to Galore Creek. The Schaft Creek claims that we owned prior to the JV, and the Teck claims that were within the Salazar Agreement radius, still remain 100% owned by Teck. The JV gives us 25% of their value.
They have to pay to renew the claims every year and the cost is becoming substantial now. In lieu of making that payment they can show proof that they did work on the property. Teck has already increase the expiration date on those Schaft Creek claims to 2023 by registering the work they are doing. If the claims remained in our name, even partially, we would have had to pay and I think that's why they transferred all of them. I hope it also means they intend to own them all one day.