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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: JV Formation
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Icon president Re: JV Formation
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webgogs
Apr 09, 2012 01:47PM
Re: JV Formation

JohnnyAugust
Apr 09, 2012 01:59PM
Icon president Re: JV Formation
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webgogs
Apr 09, 2012 02:00PM
Re: JV Formation

JohnnyAugust
Apr 09, 2012 02:03PM
Re: JV Formation

serafin
Apr 09, 2012 02:08PM

Asking Elmer is probably best, however I don't see a conflict

The JV and the back in options are different animals

They must form a JV within 60 days

Teck would still have another 60 days after that to decide what percentage, if any, they want of the deposit

The scenarios would be:

Opt to pass within 60 days...no JV, CUU owns it all

Agree on JV terms at 60 days, probably simultaneous with sharing option decision, JV is running with partner roles established, except the terms are already pretty much set

At 120 days, final decision by Teck on how much they want, if any

Teck (or any other party) buyout negotaition free to engage at any time

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