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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: Teck Poker
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Jul 31, 2012 02:38PM

Stomper,

Having read Webgogs' post a couple of times, there are parts I still don't get, but that doesn't worry me too much because it's hypothetical ways for continuing cuu, and who knows at this stage what would really happen. But we've had several discussions about in the event of a buyout of SC, possibly paying out a large dividend and then holding onto a small amount of the proceeds to finance other projects. I took the figure 33 million WG mentions as a possible starting cash balance for that purpose. That's about 10 cents a share. If we use MG's conservative, most would say pessimistic, figure of $2/share for SC, that would give us a $1.90 dividend, and a share that should be worth 10 cents based on its cash. That would represent a successful company that has just been in the news for the sale of SC, with Elmer and crew cashed up to do it again. It might be worht more than .10 on the market. Then again it might not.

But anyway, my main point is, as I understand it, nobody is contemplating keeping all the proceeds. There would be a nice payout. You don't need a billion to go exploring. So everybody would get a nice liquidity event, just maybe 5% less than it would be if they paid out all the proceeds and closed the doors. I've only been in cuu 2 years, and I want some cash, but I'd gladly leave Elmer 5% or so to keep doing what he's been doing.

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