"I aslo asked about the 171M of "waste" rock and what Teck knows about it. MS said that Teck was the one that drilled this area before the changes to the National Instrument rules came into affect. So because of drill spacing req. could not be met they could not technically classify this as an Indicated resource. But they know the grades are there and it would not take many drills holes to upgrade the resource. The depth of this resource was about 200M so it would only take 5-10 holes to upgrade it and costs less than 3M to drill this out. The important thing is Teck has all the data on it and knows its there.
We then talked about buyout value and how Majors like Teck would value our resource. ES handled this question and he told me the importance of the ROV method most companies are now using to value large deposits like ours. He gave me a good example of the Highland Valley mine Teck is still operating. If the discount method was used, it would have a zero value today after 20 years but obviously that is not real life as it is still producing and still has value. ES also mentioned that this model for value was based on several thousand real life cases and it would be the one Teck would use to value SC. As far as accepting a low ball offer, it ain't going to happen. He told me Mr. EE is a very smart businessman and will be squeezing every bit he can out of this. He also told me that as a director he does have obligations to all shareholders to do so."
See, this is clear as Cuban ocean water. Something like this slapped-on the NR would have surely opened up yeys and minds. You read the numbers..you say mahh...but then look at the real story.
Thanks to all with the many updates. Hope not to be too busy at work tomorrow. :-)
