CK Dexter Haven's Profile
CK Dexter Haven's Posts
Yes, it is there in black and white but it must be taken in context with what's stated prior, which I'm considerably more partial to.
In connection with the forward-looking information contained in this news release, Copper Fox has made numerous assumptions, regarding, among other things: the potential mineralization in the Schaft Creek deposit; the acceptance by Teck of the positive Feasibility Study as a "Positive Bankable Feasibility Study" (as defined); the commencement of the 120 day period for Teck to exercise its earn back rights; that expenditures have been incurred in accordance with the Teck Option Agreement and in Company's expected quantum; the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the Private Placement may not close on the terms currently anticipated, or at all; Copper Fox may not use the proceeds from this Private Placement as disclosed herein; Teck may not accept that the delivery of the positive Feasibility Study constitutes delivery of a "Positive Bankable Feasibility Study" as defined pursuant to the terms of the Teck Option Agreement . . .
Based on the fact that Teck signs off on all CUU NRs I enjoyed reading the following:
Feasibility Study
Subsequent to the year ended October 31, 2012, the Company announced the results of a positive Feasibility Study on the Schaft Creek project in December 2012, and subsequently filed on www.sedar.com in February 2013.
and
Based on recommendations in the Feasibility Study the Company is currently considering programs to enhance the economics of Schaft Creek including:
i) a diamond drilling program at Schaft Creek to upgrade the 171.16 million tonnes of Inferred resource, that lie within the pit shell, to a Measured or Indicated Resource; and
ii) additional metallurgical testwork to increase metal recoveries and reduce processing costs.
I like that they've publicly put Teck on notice where the drill program is going and what it will accomplish. I find the use of the word "considering' interesting as well.
Cheers.
I'm not quite as pessimistic about life after the election as Web but I do have concerns.
He and I live in a province where former NDP leader and BC Premier Glen Clark is now Jimmy Pattison's right-hand man. Where David Emerson disguised himself as a Liberal to get elected only to cross the floor. So the only ideal I count on anyone or any party remaining loyal to is their own re-election.
Several months ago I spoke to Adrian Dix about the Golden Triangle, the NTL, the benefits of a healthy mining industry in BC, and the need to create opportunities for young British Columbians. While the points I made were easy to agree to, for what it was worth, I did walk away with the comfort he was at least aware of the potential of NW BC.
Here's where I get worried:
Earlier Chunky mentioned a number of industries in BC that are suffering. But look closely at solid wood. West Fraser, Weyerhaeuser, and Canfor (WFT, WY, CFP respectively) stocks are up considerably over the last several months, with US, Asia, and UK export season only weeks away. Analysts are suggesting pulp will become stronger - Raymond James just revised its forecast for Canfor Pulp (CFX) from $17 to $23. Whoever wins the next election will do so at a time when the forest industry will be at its healthiest in a long time. Will strength in this sector make it easier to be more critical in another, such as mining, where issuing permits can be unpopular and jobs may not happen in this term?
Now put that together with this:
The Sierra Club of BC has an acting executive director. Why? Because their usual executive director, George Heyman, is on leave and is the NDP candidate for Vancouver/Fairview. George was the president of the BCGEU for a number of years. He's popular, has support, and I expect he'll win easily.
So, if the NDP forms BC's next government, George will have an influential voice within. That worries me.
Cheers and GLTA.
From the PG Citizen
http://www.princegeorgecitizen.com/article/20130128/PRINCEGEORGE0101/301289973/-1/princegeorge/mining-digging-deep-in-northern-bc
Northern B.C. mining activity is leading the nation in that sector. The provincial government declared this Mineral Exploration week in B.C., with several accompanying announcements on improving the business of mining in this province, but the major recognition came on Monday from national observers. "The mining sector in Canada’s north is forecast to almost double its output and employment by the end of the decade - staggering growth compared to the Canadian economy as a whole," said Anja Jeffrey, a director for the Centre for the North. "Northern British Columbia is expected to see the fastest expansion of mining output out of all the Northern regions over the forecast period." Mining output is forecast to grow by 300 per cent between 2011 and 2020 or 17 per cent annually. With the many new mines scheduled to open, employment is also expected to increase. In 2011, 1,368 northern British Columbians were employed in mining. By 2020, that number is predicted to almost quadruple, to more than 4,800. The Centre For the North is a non-lobbyist research organization with a northern Canada focus. It is affiliated with the Conference Board of Canada, a nonpartisan think tank based in Ottawa, specializing in Canadian economic issues and public policy. The two groups published "The Future of Mining in Canada's North" on Monday. Premier Christy Clark, on the same day, announced a set of improvements to government operations to specifically foster the mining industry. She also disclosed that revenues from B.C. mining exploration set a second consecutive annual record. "The preliminary estimates for exploration expenditures are $680 million in 2012, up 47 per cent from the record-breaking number of $462 million in 2011," she said. "The estimate shows robust industry spending of unprecedented amounts in exploration, which is being driven by several large exploration programs such as Blackwater, a gold and silver project near Prince George, and the KSM project in northwest B.C., considered to be one of the largest undeveloped gold projects in the world." The provincial government promised $7 million in new funding to cut red tape and open up regulatory bottlenecks for mining companies, especially beefing up the electronic application system. The streamlining will not cut back on the environmental assessment process or the Aboriginal/community consultation processes, the premier said. The Conference Board/Centre For the North report likewise stressed the need to maintain and even improve the environmental oversight and social license aspects of mining. Addressing the lack of labourers for future mining projects also ranked high on their list of hurdles to the industry's long-term progress, as did a lack of available infrastructure to support mining exploration and development. Investing in northern transportation, communication and basic living needs would improve overall community life in the north, the report added. Not only is British Columbia one of the nation's most active mining exploration provinces (third highest, at 18 per cent of the national total), it is also climbing fast in the ranks of output results as all that exploration turns into active mines. B.C. is also situated closest geographically to the global market with infrastructure already in place or in development to ship by ocean to Asia, rail to the continental U.S. as well as air and highway links to the world. Northern B.C.'s investments in these fields put the region in an advantageous position. The The Future of Mining in Canada’s North report makes six primary recommendations to Canada's provincial, territorial and federal governments: - Adopt a transparent and integrated approach to supporting a competitive business environment for the mining industry in Canada’s north; - Place greater emphasis on addressing infrastructure gaps; - Increase support for recruitment initiatives focusing on women, new Canadians, youth, and Aboriginal workers; - Put in more efforts to build meaningful community engagement, and implement Aboriginal land claims and resource development agreements; - Reduce the high turnover rates of personnel in government regulatory bodies; - Make further government investments to gather geoscience data in support of mineral exploration.
No doubt you recall the portion of the conference call where Elmer is being questioned on the JV timing. Elmer maintained the JV discussion would take place after Teck had declared their intent. While this makes sense, the caller reminded Elmer what is stated in the Salazar agreement, namely:
15. Definitive Agreement
15.1 Upon receipt of an executed copy of this Agreement and no later than 60 days after the delivery of a Feasibility Notice, Teck Cominco shall prepare a definitive option joint
venture agreement embodying all of the terms and conditions of this Agreement, and
shall forward it to Salazar for review. It is understood that the parties agree to use their
best efforts to settle in good faith and execute such a definitive agreement which will
replace and supercede this agreement, but until such time, this Agreement shall be the
sole binding agreement between us with respect to the Property.
That was 2002. A summary report report received 2 years later by the Ministry of Energy & Mines says this:
The Schaft Creek mineral deposit is now owned by TeckCominco, a major mining corporation with international operations that include exploration ventures, operating mines, and metallurgical plants. Salazar has an option by agreement dated January 1. 2002 to acquire 100% of TeckCominco's defined 'Direct Holding', which is a 70% direct participating interest in the Schaft Creek property, by incurring $5,000,000 in expenditures as defined on or before December 31, 2006 and aggregate expenditures of $15,000.000 on or before December 31, 2011, and TeckCominco's defined 'Indirect Holding', an indirect 23.4% carried interest through its 78 shareholding in Liard Copper Mines Ltd. who hold a 30% carried interest in the property, by incurring the above described $5,000,000 in expenditures and completing a positive bankable feasibility study, as defined, and delivering a Feasibility Notice to TeckCominco.
The option agreement has a time-limited back-in right exercisable by TeckCominco within 120 days of the delivery of the positive feasibility study. If the back-in right is not exercised, Salazar shall grant TeckCominco a 1% net smelter royalty or, ifSalazar has assigned the option agreement to a public company whose shares are listed on a recognized stock exchange, shares of that company having a value of $1,000,000.
The back-in right. if exercised, would enable TeckCominco to acquire, variously, 20%, 40%, or 75% interest in the property whereupon Salazar (or its assignee) would form with TeckCominco a joint venture in which each owner would own the property in proportion to their respective interests. The option agreement includes provisions for joint management and for dilution of interests in proportion to expenditures, including reversion of either party to a defined net profits royalty if that party's interest is diluted below a 20 interest in the joint venture.
http://aris.empr.gov.bc.ca/ArisReports/27305A.PDF
Hoping none of this matters in a day or two. Cheers.
http://www.vette350.com/p/current-top-pick-vcuu.html
Apologies to all longs but I've been leaning on my F5 all morning. Thought perhaps some of the new visitors should have a look.
Cheers.