So far no NR this am; Well OKThat Quantec Titan 24 survey although they shaded in copper colors which is fine, from just a ballpark I would guess the inferred to be ten times the M&I and that's with what some new claims that don't belong to Teck's buy in working capital portion. This 287KV NTL announcement over the week-end super positive going forward. CUU will need140MW near half at capacity base on 100tpd or more if they go to 120tpd (2008PFS draws 121MW to 140 MW full capacity)
CUU is also way ahead of the Galore creek which are just in the pre-feasibility due out in July approx. that JV between Nova and Teck 50/50 although there M&I numbers are bigger right now I think this new RE of CUU will surpass (wonder if they throw in an inferred numbers as well) They are going to exclude the silver numbers until they are re verified but they seem fairly constant along the historical and latest drill results ...soo not a biggie there
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So where are we at; as of last qtr cost of feasibility is at 58.1 mill rounding it up to say 60 million that would cost Teck 240 million to back-in 75% working interest plus the deal is to provide CUU there portion 23.5% of financing for start ups and take that out of NSR after operating cost over several years proportionately etc. I think they will soon find the NSR to be much higher as they hit the higher grades this Titan survey shows and this negative .32/pound will be more like negative .40 or higher and the NSR at 31.47 per ton is way too low. This new feasibility due out is also base on 120k tpd not 100tpd in 2008.
With over 275 million plus plus of the shares held by insiders primarily the founder its going to be quite interesting how all this plays out. Teck has over 800 million cash and equivs last report prob near a billion by the time the FS gets delivered to them Nova has over 120 million cash and equivs. Teck would be IMHO best going to production first with CUU. Tecks mining production numbers are a little over 25% copper near double that in coal and I think they want to rotate that after some hard lessons learned going heavy coal years ago. The one thing was coming out roses with CIC and now they have a good demand chain with China. There mid tier food chain and existing mines are depleting with there copper ore numbers having looking flat to diverging now. So things look ripe for them to make a solid move with lots of cash now and the earn in with CUU could put this mine to the top of tecks copper mining mix once minimum production is on stream and for sure its leading copper mine at full production. Then they could then work on the Galore Creek start up etc put another transmission line in etc. ( although the existing may carry for both 140MW each..doesn't leave much for another start-up however or a surrounding town that may spring up eventually off of say the HWY 37 Junction to the mines etc. Hotel, Stores Gas Food Repairs Casino all for the FN to O/Operate from revenues earned etc.
One last Note they could convince CIC to buy up say 17% from either a spin off out of TECK to pay back the favors...so with TECK at the high 40's the SP and gains would be huge all the while CIC gets in on an IRR of my guess 20% or better vs TECK's IRR numbers. Sweet times ahead for CUU in the coming months and years.