I am tending to go with this explanation too. If you keep the big picture in mind, in the most pessimistic scenario of the feasability rapport, released on jan 2013, Shaft Creek was worth $513 mln at 8% npv at the base case. We own 25% of Shaft Creek and the optimalisation study should improve these valuations at the cost of some dillution we experienced.

Copper is at $3,23 now. However you look at it, we are currently valued at $ 56 mln CAD for 5 projects and we should be worth 100 mln + for Shaft Creek alone. Add the four other projects in the mix we could add maybe another 20 mln to that? This is the most conservative estimate I can come up with. I wont be surprised if the npv will increase significantly due to new resource discoveries and new techniques making it cheaper to mine. If the copper price keeps rising to this project will exponentially rise in value, not even to mention what wil happen if the rate goes to 5%.

But the most important sign is that Teck put in serious money in this project (how much was it? At least 60-120 mln) AFTER the feasability. They have been spending more than they should on this project. Not only that, insiders have not sold a single share and we have absolutely no cash problems, only possible dilution problems. All these signs still make it a very interesting investment opportunity. The last 7 years I have been invested in this excruciating stock I always ask my self: is this a dead investment? No. Is it undervalued? In my opnion most certainly. What am I missing here? Nothing I can find.

So I am still invested because I still believe there is a huge potential here. The only thing i cant find out is who the hell is still selling and why??

Feasability 2013