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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: Re: ExplorationGuy
6
Jul 30, 2020 08:30PM

Now that's an answer I can respect. THe decision was based on pieces of information released over the past year and a sudden, surprising ramp in the share price which moved my shares into the green for the first time in 7 years. First we had Elmer announce last year the 2019 program as "an in-depth conceptual study". He was not being transparent with shareholders. Were they upgrading the feasibility study or redoing it and at what level? They did their own resource estimate which has now been adopted by CUU. Then the 2019 study, which was expected in November, became expected in July. Teck released the AIF in March which had the following 2020 budgets for the Satellite projects:

Zafranal - 9.3 million

San Nicolas - 17.1 million

Galore Creek - 14.1 million

Mesaba - 9.1 million

Schaft Creek - no budget number given

Now I have confirmation from Teck that these budgets will be reduced this year but it doesn't affect the fact that they had no significant spending planned for SC this year, which demonstrates very little interest in the project. They also stated that the 2019 study was scoping level. The budgets are always decided at the end of the previous year, which was before COVID-19 was an issue so Elmer shouldn't use it as an excuse.Then we had Elmer state in the video talk that COVID-19 had a big impact while the other two companies said there was no impact to their operations, including field programs. I also noticed that the reserves section had disappeared from the website along with any mention of proven/probable numbers. They also disappeared from the MD&A statements last year and then we get a note in the latest MD&A saying that the 2013 Feasibility study is historical and shouldn't be relied upon. All of this pointed me to the conclusion that Teck considers SC to be at the PEA(scoping) stage, which brings us back to 2008 when CUU released their PEA. That means they will have to do a PFS and then a FS study, which would take 5 years. Of course I can't be certain but thats what all the information suggests to me and the risks became too great so I took the certain 25% profit. I thought the long time investors would like to hear why but didn't expect to trigger the two Karens into a rage. Their response shows they very concerned about their investment.

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Jul 31, 2020 09:54AM
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