Two words....Opportunity Cost.
By this time, I'm sure everyone can sight at least one example of a missed opportunity that has come and gone while we wait and watch the CUU story slowly unfold.
One concern of mine is that I keep hearing that we can quickly (1-2 months) drill 10 shallow holes and covert waste rock to M+I. Then we'll get noticed.
I'm not covinced that CUU can do anything quickly.
First we would need to raise capital, so another PP for at least 10mill., maybe more. Then we drill, then we wait for results. How long did it take for assays last year? My opinion is that the sp would continue to drift way lower. We've slipped into the .70's today, after waiting for another season of drilling, assays, RE update as well as the standard delays that CUU is so famous for, we could easily see .40 this summer.
These guys know geology, but for whatever reason, any de-risking/value added over the last 2 years has been lost in translation.
As webgog pointed out earlier today, WRN is up 10% on a BFS release today. So, there are companies on this exchange that will grow in value, some quicker than others.
Another concern I have is, that as time goes on, this story gets less and less compelling. By this I mean that things that were once touted as absolute reasons TECK must buy us out. For example, the 4 year clause, us running the operation until TECK fulfills its back in obligations, 171mt of waste rock. There are probably a few mores examples I can't think of right now. Each one of these issues alone is not a show stopper, but as they keep getting revealed the story begins to look less compelling.
So, in conclusion, I think I would bail out, take the loss and move on.
On a side note... does anyone know approximatley how long BFS Capex number are valid before they need to be recalculated?
Thanks
MTF
