Canuc Resources Inc. Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canuc Resources Inc.

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Winzer who wrote (137)	6/30/1997 2:52:00 PM
From: David Harrison	of 176

I attended the annual meeting today in Toronto. Given the inconvenient date I can report that the attendance was SRO. No doubt some shareholders made a point of going because the date seemed so odd (Hub told us the date was late because of the audit taking longer than anticipated). The official business was completed in record time and Hub took the floor. He is a most reticent man. He gave a brief recap of the last press release and indicated on the map where the various zones were located. The geologists report gave a conservative estimate of just over 5.0MM ozs of gold. Hub then entertained questions.The information which was forthcoming from the questioning included: Copper values of 4-5Lb per ton are estimated in much of the property.This is considered significant. The main opportunity zone for exploration is the Subgraben which runs through the middle of the property. Placer has constructed a camp in the north-end to accomodate upto 18 people. They have 6 on site currently. A milling operation could cost between $300-500MM.No plan, location or date is so far determined. Extraction costs might be as low as $5.00/ton before milling. Canuc is talking with Northfield and Northfield is talking with Placer. Cooperation as to boundry issues is apparently agreed to. Hub would not say that any official linking was contemplated.(I had heard seperately that Hub might be elected to the Northfield board.) Between $3.2-$4.0MM is still required to be spent in order to get title to the 8 1/2% of claims outstanding. This is scheduled to be completed before the end of the year. There will have to be some small financing to pay for this. The warrants which run out very soon may be extended following a discussion at the Directors meeting later today. Although, as I understand it, one requires shareholder approval for this to be done. Public relations counsel will be sought to help with the stock. WSJ June 16 ran a story about Placer and the problem with Las Christinas in Venezeula. They cited this to have about 6.3MM ozs of gold which represented about 25% of Placer's reserves. Thus the Nambijia property could be very important for Placer as it might replace Venezuela if that development is sidelined. Naturally, shareholders were anxious to get some idea of management's estimate of value for our asset. On the basis of mining analysts general rule of $U.S.50-70/oz value for gold in the ground and considering that the property might yield 10.0MM ozs of gold and that Canuc has 40% interest, then a conservative value of $Can 280.0MM would be a starting point. On the basis of 37MM shares a price of $7.50 looks reasonable. This gives no value to the copper and is likely too conservative as to the final net value of the gold. There is no activity to report on the Coronation project. The TSE listing is still in the works. The TSE was slow in dealing with the application and some information had to be up-dated. Canuc expects approval of the listing by the end of July (1997). Shareholders are getting antsy! Some wonder if they'll live long enough to see success for this project.One can only hope that market sentiment improves and that Canuc's intrinsic value is recognized in the Fall. God bless us, every one.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next