You seem to be meissing the fact that we know there is a very high probability of and additiona 1.5 billion tonnes grading near 1% eq. We have the dilema of how to sell it. I have been asking for clarification on our rights with respect to the Earn Back In for this reason. What are we supposed to do while Teck take 120 days to think it over? Does our contract allow us to keep drilling? If so, we continue to prove up more. Then what happens to the price? This is the most important question at this stage. There's no doubt about the current value the question is what comes next.
I've been right so far about the values coming out of the ground and what I have said exists. I have no doubt we will continue to hit more and more. I want a partial buy out because of this. But will Teck go for it? Do they want to keep using us as a piggy bank? Can we force a partial buy out? What are our rights? I don't want to wait anothe year for a full buy out. On the other hand, if the company were to state that they intended to mine it I would be happy to wait 3 years for the full value. We would be a 24 dollar share plus exploration costs and back in on the new proof. That would bring us to about 36 bucks. I just don't see Teck allowing it. So they should want to try force us into a corner so we want to accept their offer.
I don't like this being dragged into the summer because of the potential for a huge deleveraging in the markets and the liquidity drain we are seeing now ramping up to a serious flight. Our finance minister and others expect a flight to safety coming to land in our exchanges and it's logical but has not began yet. We may find our selves in the midst of a storm and then Teck will offer.
I get the impression there is a deal on the table and has been on the table for a long time. I get the impression it's not enough to make the board happy. Teck knows we will add the tonnes and intends to try squeeze us. Our artificially depressed price may be the work of Teck. I can and have shown stocks close to our price with much the worse circumstances and half the resource or less. I know BC politics is partly to blame but there is an element not identified that is responsible for the larger portion of the downward pressure on us. The squeeze on the retail is probably aimed at drying up the buyer pool forcing Ernesto to take more and more. At some point the insiders will control too many shares. I know Elmer doesn't like that. So he has to find a way to trigger Tecks clock while allowing us to continue.
