Noticed your last post and thought this might help. I have read over many times what I have added below and since i have had no response from the company directly in multiple emails my interpretation is.
Under 5.5(b)(ii) Teck has 30 days to decided if what we gave them is bankable. if we here noting in 30 days than its Postive and that 30 days becomes part of the 120...
“If the report is positive under §5.5(b)(i), Teck Cominco may give notice to Salazar, within 30 days of receipt of the Feasibility Notice at which production rate the report shall be considered a Positive Bankable Feasibility Study so long as the project selected has a positive NPV.
“The report will be considered to be positive if it generates a positive NPV in either of the following two cases: (i) firstly, the report will be considered positive if it indicates that production from the Property would, on a project basis, generate a NPV of at least $1.00 using a discount rate no less than 12% and assuming a mine life of no less than 12 years and copper metal production of at least 25,000 tonnes per annum;
(ii) secondly, the report will be considered positive if it indicates that production from the Property would, on a project basis, generate a NPV of at least $1.00 using a discount rate of 8% assuming a mine life of no less than 15 years and copper metal production of at least 50,000 tonnes per annum;”
If the report is positive under §5.5(b)(i) but is not positive under §5.5(b)(ii), the report shall be considered to be a Positive Bankable Feasibility Study based on the size of project studied under §5.5(b)(i).
If the report is positive under §5.5(b)(ii) but not under §5.5(b)(i), Teck Cominco may nevertheless elect, in its sole discretion, to deem the report to be a Positive Bankable Feasibility Study. If Teck Cominco does not give any notice as aforesaid, then any report that satisfies §5.5(b)(iiv will be deemed a Bankable feasible study.
Minemind was kind enough to provide us with this.......chunky
