RE: RE: RE: JV in the recent interview, and the recent news release the company clearly thinks we have double the size......
with these words
" geochemical and geophysical surveys have highlighted targets both to the west and to the east of the existing resource area which are of similar size to the Wellgreen system itself. Concurrent exploration drilling is planned for these areas which include the Far West, Quill, and Burwash areas. These targets are completely outside of the existing resource area and we believe they have the potential to significantly add to the existing substantial open pit resources defined at the Wellgreen project."
we all realize the need for funding of the project, I was just running a senario out there, similar to the ones of the "pier" group like this one here......
Duluth Metals Limited (TSX:DM, DM.U in $US) is a Canadian company focused on developing the Twin Metals Minnesota copper-nickel-cobalt-platinum-palladium-gold-silver Project and is exploring for similar deposits in North-eastern Minnesota, USA.
The Company has a joint venture on the proposed underground Twin Metals Minnesota (TMM) mining development project with Antofagasta plc under the joint venture company Twin Metals Minnesota LLC, which is 60% owned by Duluth and 40% by Antofagasta. The TMM Project is located within the rapidly emerging Duluth Complex mining camp in northeastern Minnesota.
The Twin Metals Minnesota Project is amongst the world's largest Cu-Ni-PGM polymetallic sulphide deposits with contained metals (using a 0.3% Cu cut-off) of Indicated 13.7 billion lbs copper, 4.4 billion lbs nickel, and 21.2 million ozs ozs palladium+platinum+gold (TPM) and Inferred 11.8 billion lbs copper, 4.0 billion lbs nickel, and 12.8 million ozs TPM
DM's price per share has been hit hard over the last few weeks as well as here, it's about 1.60, so double what we are at today with about double the deposit(debatable all day, but run with it) for the senario of working this project to a joint venture and what the structure of the jv would look like
When Polymet entered this planet as a company back in 2000 and the 3 people sat down and discussed whether it was a viable project, they all actually said no....at first....then a few things happened, one, new mining techniques to extract PGM's economically for the bottomline and a better understanding of how to treat the tailings as to not create acid rock drainage...so they looked at it agian...while in the process of discussion...the mine located a few miles from the deposit closed up shop....the mine as 100,000 tp capacity crushers and tons of facilities, rail lines, power, water, tailings basin, a real find for the group...the state labeled it a brownfield...which basically meant that they did not want the massive infrastructure mowed over and seeded, But put in a position to be re-used...so Polymet buys her from Cliffs for a song....point of all this is: Polymet started out with less than 100 mil shares at the beginning of their venture....but for them to actually breathe now for about 13 years, (the past 6 or 7 just in permits & fighting of the environ_Mental_ists) and are here at present
| Shares outstanding | 182.7 million | |
| | | |
| Glencore convertible debt | $30 million | @ $1.5 per share |
| Glencore Warrants | 5.6 million | @ $1.5 expire 12/2015 |
| | | |
| Other Warrants | 1.5 million | @ $1.77 expire 12/2015 |
| Options | 14.5 million | @ US$1.95 |
| | | |
| Fully diluted | 224.3 million | (including out-of-money options/warrants) |
| -Glencore | 72.6 million | (32% fully diluted) |
| -Insiders | 17.9 million | (8% fully diluted) |