Some one show me........where spending $1,642,618.00 to buy Pat rights is a good deal?
I'm a skeptic here. I can see where that money would be better spent up grading the Shakespeare Rd to allow more truck traffic. Last summer at the mine site Richard spoke about that and it made sense cutting travel time down from the mine to the mill by making improvements to a bridge. Now that shipments are going to continue well into 2009 at 500 t/d or more, this makes even more sense to me to upgrade the road.
Would the money not have been better spent advancing Shinning Tree closer to production? This money would go a long way to getting higher grade ore to the Strathcona mill.
The Bell Worthington property could see a little of that money to see if it is in line for a mine.
To me, Shinningtree and Shakespeare are sure things to return shareholder value for $1.6 million dollars. We don't need any other place to invest money than those two projects
I don't know about Pat being a better investment for this money than our own projects.
I guess our BofD and CEO made the decision that we'd benefit more by owning Pat rights that the Pat CEO and BofD thought they'd benefit by owning Pat rights. Our BofD even chose Pat rights above investing in URSA cash flow positive projects. Why not be skeptical?
But I have my own opinions why URSA spent our money buying these rights. And if these rights were bought for the reasons I think they were bought for, it might be legal, but I don't think its right.
Has URSA transfered the money to the Pat treasury yet?