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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: Whistler Conference - Teck

I think there is a more prosaic reason for Teck not yet including the SC reserves. The 43-101 regulations might consider them as historical estimates since the FS was produced before Teck acquired an interest in the project.

"The type of historical estimate that is permitted is an estimate of the quantity, grade or metal or mineral content of a deposit that an issuer has not verified as a current mineral resource or mineral reserve, and which was prepared before the issuer acquired, or entered into an agreement to acquire, an interest in the property that contains the deposit."

Before Teck incorporates the reserves they might need to confirm the information in the report because they have an obligation to their shareholders. In other words they need to do a thorough review of the FS, not just accept it as written.

Here's some information about historical estimates:

"Furthermore, an issuer will be considered to be treating the historical estimate as a current estimate if it:

  • incorporates the historical estimate into a disclosed economic evaluation or uses it for a production decision, or
  • states that it will be adding to the historic estimate as this would imply that it is a current estimate.

These actions could trigger a technical report requirement. In no situation should a historic estimate be added to a current mineral reserve or resource estimate.

The public release of historical numbers is not itself prohibited (if it was prepared prior to acquisition). While the requirements of the instrument may make the disclosure longer and require some additional work, complying with the requirements for making public disclosure of historical estimates should not pose marketing issues and does not require the issuer to produce any independent information or rely on any new consultant.

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