Welcome To the Copper Fox Metals Inc. HUB On AGORACOM
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%)
Message: Earlier mail from Colin
I received this mail from Colin on 2nd of April. Just for your information.
Hi Xxxx, Elmer has just been very busy and he asked me to reply to your question. Your early comments are noted
1. Is Teck still interested in Schaft Creek? And if so, can we expect further developments in the very short term or does Teck focus entirely on QB in the short and medium term and will Schaft Creek only be further developed or put into production in the distant future?
Teck is very interested in SC, and they have spent approx $24mm proving this the last number of years. Teck looks at the big picture, longer term, however in the short term they have their own issues with this CV-19 virus and the problems it is creating for their other producing assets, coal, copper, and oil. These issues have to be controlled first, and it is uncertain how long this will take at the momemt.
2. Are there other parties, besides Teck, interested in our 25% in Schaft Creek?
Not that we are aware of. As you know Teck has the First Right of Offor to acquire the SC assets from us, and other companies would likely know this.
3. Is there any possibility that our Schaft Creek share will be sold in 2020?
I think anything is possible. The CV-19 will pass and then it will be business as usual, or try to get back to business as usual.
4. what is preferred by Copperfox management and major shareholders; Do you/they only want to sell Schaft Creek or do you/they prefer to sell Copperfox as a whole?
The board of Copper Fox is aware of each possibility, and I dont believe there is a preference, but the prime decision either way will be to get the best deal for the shareholders, either way.
5. Copperfox desperately needs the money from the PP for the 1st payment to DCOP, the conversations and negotiations with Teck, the payment of salaries and other operational costs. How will future developments be financed for Van Dyke, Mineral Mountain and Eaglehead?
Well we will close our pp the end of April, and make decisions on how best to move forward at that time. You are right, lots of decisions.
6. The shareholders are irritated and frustrated by the lack of information and the lack of results. The further dilution of the shares certainly does not help with this. After 10 years of patiently waiting, when can shareholders finally expect something positive?
2. Are there other parties, besides Teck, interested in our 25% in Schaft Creek?
Not that we are aware of. As you know Teck has the First Right of Offor to acquire the SC assets from us, and other companies would likely know this.
3. Is there any possibility that our Schaft Creek share will be sold in 2020?
I think anything is possible. The CV-19 will pass and then it will be business as usual, or try to get back to business as usual.
4. what is preferred by Copperfox management and major shareholders; Do you/they only want to sell Schaft Creek or do you/they prefer to sell Copperfox as a whole?
The board of Copper Fox is aware of each possibility, and I dont believe there is a preference, but the prime decision either way will be to get the best deal for the shareholders, either way.
5. Copperfox desperately needs the money from the PP for the 1st payment to DCOP, the conversations and negotiations with Teck, the payment of salaries and other operational costs. How will future developments be financed for Van Dyke, Mineral Mountain and Eaglehead?
Well we will close our pp the end of April, and make decisions on how best to move forward at that time. You are right, lots of decisions.
6. The shareholders are irritated and frustrated by the lack of information and the lack of results. The further dilution of the shares certainly does not help with this. After 10 years of patiently waiting, when can shareholders finally expect something positive?
We can only move our business forward by raising capital through financings or an asset sale, but we can't control the bigger market, commodity prices, etc all of which control our destiny to a large point.
Stay tuned is about all I can say here. We issues extremely good news on our updated resource estimate at Van Dyke and this project is looking like it is starting to become a project of serious potential as well. An we control it 100%.
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