Bull River Mine existing mined ore body valueThe following is my best understanding of the Bull River Mine existing ore pile.
Its a big deal. This is NOT a tailing pile.
CCMI is applying for two permits.
Phase 1 and Phase 2. Phase 1 is to reclaim the existing ore pile and Phase 2 is for underground mining.
Existing ORE pile:
iI have reviewed the information about Bull River on the website. Im certainly NOT an analyst and I could be reading the information wrong, so do your own research.
Speaking very basically:
For ease of basic copper value I have NOT included any of the gold / silver / other base metal by product.
Table 14.1 of the Technical report shows at a cutoff of .9 % copper the mine has 2,261,000 Tonne of material with a copper content of 89,545,000 pounds of copper. Using this data then each tonne of material will contain about 39.6 pounds of copper. At $3.50 copper each tonne is worth $138.60.
Table 9.1 and 9.2 of the Bull River project mine description shows a cost of $27/ pound operating cost of each tonne of existing material. $138.6 - $27 = $111/tonne would be the return to the company.
There is 180,000 tonne of existing ore already on site.
180,000 x $111 = $19,980,000 value in the existing ore pile.
Table 9.1 of the Bull River project mine description shows a capital cost of $6.5 million to get the existing ore processed. $19,980,000 - $6,500,000 = $13.5 million complete value to the company.
Currently the ENTIRE market cap of CCMI is less than the $13.5 million which is absolute value to the company.
Value the underground Bull River resource as $0.
Value the Thierry mine at $0.
Value all the existing infrastructure of Bull River at $0.
...and the pure value of the existing ore pile ONLY is $.06 / share.
Again, I did not include ANY gold / silver by product.
I also used $3.50 copper. Currentlty around $4.08.
I just find this so compelling.
CCMI is arranging for a reconnect of power and with the latest news as of yesterday I find very little reason CCMI does not expect a Phase 1 permit.
All of the above is no guarantee, so do your own research.
I hope I can help other frustrated share holders to step back a bit and relook at this company and their resource.
jmo
RD