More realistic comparisonA)
Copper Fox's Prefeasability had a NPV of $2.76 billion before taxes based on their OLD deposit.
Western Copper Prefeasability has a NPV of $1.6 billion before taxes based on their current deposit.
B)
The negative (-) 0.49 cents you're referring to of copper cash costs to produce with byproducts is assuming spot prices of $1439 gold, $4.30 copper and $38 silver, $17 molybdenum.
Copper Fox's cash costs of (-) 0.32 lb are assuming traling metal prices as of July 2008 or $695 gold, $3.12 copper and $13 silver as well as $33 dollar molybdenum, the single anomaly in the differing metal prices.
The point is:
If you were to use these trailing prices for WRN's recent Prefeasability study you would come up with copper cash costs of closer to 0.21 cents with by-products and that is still not even close to Copper Fox's metal prices as that is assuming still $1000 gold and $17 silver.
C) In a week Copper Fox's Deposit will be double WRN's and our Feasability study will blow theirs out of the water, WRN investors will question trading off a "priced-in" RE for Copper Fox for WRN shares when CUU shows the world what we have at Schaft Creek.
D) We have yet to include higher grade starter pit, larger resource, throughput increase from 90,000 tpd mill to 150,000 or 180,000 tpd and faster payback.
E) I didn't know WRN had an NTL.