RE:RE:RE:RE:meetingThere are 1,182 acres located within the town limits, 160 acres on state land. Total acreage is 1,342, not 13,042. Mining within the town limits is illegal on this property as it is zoned residential. Curis went through the rezoning request process. Their request was denied. Curis is now trying to litigate its rights, taking the position that the mine is grandfathered. Kind of odd since they went through the rezoning process admitting that they couldn't mine without a change in the zoning.
And by the way, they aren't seeking a zoning permit. They would be seeking a change in the local law. My guess is that it would be a real challenge to convince the local opponents and politicians to change the law for Curis. Even the Governor has come out against the mine. But hey, maybe Curis will ultimately win its case against the town and prove it has an existing non-conforming use. And the town has already spent over $700,000 as of last summer in legal fees. That's a very large sum for a small town to spend on legal fees. Shows you how fighting mad they are.
So there may never be a mine on the remaining 1,182, just the 160 acres of state land. Would have been nice for management to explain that since all the values for the mine that are being thrown around assume that all 1,342 acres are mined? Try to find that disclosed in the financials. If you do, please let me know. I've had to dig for that info in the press. You can find some articles on TriValleyCentral.com
Just one of my many, many problems with Curis, and management's failure to disclose the whole story.
And land in Arizona wouldn't be $1 million/acre. Wouldn't be worth that even after it were developed. I think I saw somewhere that the entire acreage might be worth $5 - $7 million as it sits, but I'd have to go dig for that info. It's been awhile since I've seen it.