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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: The good and the bad ... Brad129a
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Jul 16, 2013 11:48AM

Remember we do still own 25% of those lands. With Teck as a backer on those non-sched A lands, we may likely see them developed a lot faster than we would if we kept them and had to raise money ourselves to develop them. 25% of something being explored is better than 100% of an unexplored map.

That said, it looks like Teck is quite interested in improving the FS as a priority with the announced drill programme. The whole new JV agreement reads as an outline to production. Concentrating on the immediate SC project is the priority of this JV so I won't be holding my breath on drilling the northern zones just yet.

The 2013 drilling programme states that they are still investigating the geotechnical issues. I wonder if that was a flaw in our 2012 FS. If so, it may have watered down our bargaining position based on a bullet proof FS.

10,000m of drilling on just the Paramount extention should put that issue to bed finally.

I'm just happy that we are now in a position that we have sorted out the Teck/CUU positions on the project and we finally can now go ahead and sell.

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Jul 16, 2013 03:18PM
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