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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: Drilling Called off - I don't get it
2
Dec 21, 2012 04:40PM

Why would we call off the drilling if we gain SO MUCH value from the inferred resources. Why wouldn't we have tried to get them into M&I categories now... People are right about it being worth a lot more than the NPV indicates (because of inferred metals being equivalent to waste rock), but I'm not sure I fully grasp why we didn't try to make it so that it wasn't considered waste rock...Why we didn't spend way more on previous drilling seasons to convert it, and why this drilling season was stopped early. It's worth more, so why wasn't the effort to show that put in? The BFS is too conservative, to the point it's not even realistic. Even if Teck buys us out, it's terrible optics when it does happen if we still get anywhere near what we think we're worth when compared to the NPV. Even the ROV is ridiculously conservative. I don't see why Teck would value the inferred metals at full value either; some of it COULD be waste rock.

Still digesting.

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