I, like most investors, were disappointed again last week by the new delays involved with the Schaft Creek deposit. I have worked as an engineer on billion dollar projects, and while frustrating for investors, it is important to note that delays are virtually a fact of life on large projects. Any type of project, infrastructure, I.T., mining, you name it, if it’s more than $1 billion I would count on delays.

I can’t remember where I read it now, but last week I read a quote from Barrick which said their new Pueblo Viejo mine development in the Dominican Republic was on time and under budget. I had to double check that, and it turns out I’m glad I did. The budget has actually increased from the original $2.6 billion to $3.7 billion, and the opening date from early 2012 to mid-2012. This was supposedly due to the weather. Unseasonable rains and flooding will be cited as the culprit, hence the claim of being on time and budget under the circumstances. I am skeptical that is the full story though.

There are some positives for Copper Fox. Firstly, recent exploration has uncovered some pretty high grades deep down. The high grade core, or lack thereof, has always been Copper Fox’s elephant in the closet, and if these new grades can make up for their depth, it could substantially increase the economics of the deposit.

Secondly, Ernesto Echavarria, the mexican businessman who now owns more than 60% of the company, keeps investing more money in the company. I doubt Copper Fox has any problem raising money in the equity markets right now, and they probably only need a few more million to finish the feasibility study. It seems like they are accommodating him, and it makes us wonder… What does he know that we don’t?