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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: Financials -> Carmax 550k PP

I missed this earlier, but in section 14 it states:

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14. Subsequent Event

On May 1, 2015, the Company closed a $550,000 private placement in the equity of Carmax

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So this is an expense for the next quarter, but seemed like it had been paid for already (at least I took it that way glancing over NR)

Looking closer at the NR:

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Fixed costs to maintain operations, pay taxes and upkeep on the Arizona properties are approximately $220,000 per annum, this includes an annual payment to Silver Nickel for Sombrero Butte of approximately $157,000 CDN. Corporate and general costs have been approximately $1,200,000 in 2013 and 2014.

As at April 30, 2015, the Company’s cash and cash equivalents were $3.6 million. The Company has access to sufficient funds to meet its current overhead and planned capital expenditures.

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So we really have 3 million now (after Carmax PP May 1st) in cash with 750k to be spent on the PEA for Van Dyke.

So really $2.25 million cash on hand for annual expenses.

Annual costs:

- Arizona $220k
- Corporate/general ~$1.2m
= $1.4 million burn rate exclusive of further exploration/PP

We easily have next year covered as Elmer also stated, leaving about 900K left over in the kitty.

The 900k left over is contingent on no further exploration or money sent to Carmax this next year.

Past history has shown they usually find something to spend on (VD PEA, 550k PP for example), so will they stop spending now or will it continue? I don't know.

I'm not saying we are in trouble money-wise because we are not.

It had been posted we are in an enviable position with enough cash for years to come. The enviable position part may be true, but likely not the years part.

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