I have been re-listening to the Dec 24th telecon. I don't know if my ears are decieving me but at minute 28min 30 seconds does Elmer say 'We have earned the 70% interest from Teck and they have transfered the interest to us...".
Then a few seconds after that statement, he definitely changes to a future tense (i.e. liard shares to be delivered). In that same answer ES values the Liard shares at $5m per "point" per year.
Seems like a weird slip to say that the Liard interest was transfered though he did a good job of overcoating that slip with the idea that the Liard interest was still to be delivered to Teck. Add to that inconsistency, at the 16 min 45 second mark, Elmer clearly says that they will deliver the FS to Teck in early January which supports the notion that ES's first comments (i.e. have transfered the shares) were misworded.
At the 1 hr 6 min 40 s mark, Elmer states that Teck (in the context of answering what work will happen at SC) "will have to elect by the end of April". Okaayyy...120 days plus December 31st takes us to April 30th 2013.
Maybe I'm feeding a beaten dead horse but I still have questions about exactly how early Teck was delivered the document. After the Feb 5th NR, the CuU folks seemed to have gotten more comfortable with saying it was delivered (i.e. vague past tense) but very non-commital on exactly when that clock started. Maybe I need to review that note from the call with Cathy last week.
Again, at the 1 hr 25min mark ES mentions again that when they deliver the FS that they will be asking teck for the Liard shares (after correcting himself that teck, not CUU, owns them!) ??
Maybe I'm spinning myself around but CUU's wierd communications on when or if exactly that 120 day clock has started leaves some theorectical room for the notion that the clock has been ticking quietly for longer than everyone thinks. In my simple mind I can see keeping the exact moment of day zero (of the 120 days) could be an advantage fogging the estimate for the last day when teck can elect to earn in. Exact reasons for fogging the exact delivery date presently escape me.
Please feel to shoot this full of holes as I really dont' have much of a concrete opinion about this.
A few more notes from my re-listen.
- 47 min mark ES re-states that the FS will be delivered in early Jan with the FS notice/letter and Liard shares will be transfered at that time.
- 40 min 20 sec Elmer says that "several snapshots" depicting the pit shell and the block model will be put on the website..."clearly you will see that mineralization is open to the north, the east and below the floor of the pit". I don't know what happened to that idea as that lates graphic does not come close to showing much of this clearly. I understood it to show more of the 171 Mt of 'waste' inferred.
