J. Howlett & Associates wrote a piece on March 5, 1996. Here are the highlites:
*Large Area
*Prospective system
*Successful exploration program
*Extensive exploration escalates
*Short term cash flow
*Potential to rapidly increase scale of operations
*Cobalt at US $30+/Ibs
Not much has changes over 3 years. It is frustrating, I admit.
I read the 1999 Annual Information Form once again. I get a feeling the delay has something to do with uncompleted final feasibility studies. No way it take this long to complete the study if everything is A-OK.
Fourth paragraph Maskwa Nickel Project states,
"On may 28,1998 an initial proposal was filed with Manitoba Environment to construct and operate the Maskwa Nickel Mine. This proposal and future pursuit thereof, would be subject to receipt of a positive feasibility study. A comprehensive Environmental Impact Statement is planned for submission late in 1998, and the feasibility study is expected after this submission. The environmental review process in Manitoba typically takes 9-18 months. Subject to receipt of a positive feasibility study, environmental approval, and the securing of project finance, construction is proposed to start in 2000 with mill commissioning in the last quarter of the year 2001. Subject to completion of the feasibility study, Canmine management estimates the minimum capital cost required to bring the Maskwa Nickel Mine into permanent production will be $20 million".
Werner Lake Cobalt Project- selected parts
"A feasibility study by KLM Mining has been underway since about the beginning of 1998"
"Feasibility work on West Cobalt Zone sets initial undiluted reserve-resource estimate at 1.1 million tonnes grading .31% cobalt, .29% copper and .011 ounces per tonne gold (high grade sections cut)"
"For the Werner Lake Cobalt Project to advance into a position whereby a permanent production decision can be made, the final portions of the feasibility study need to be received, and completion financing needs to be secured. Subject to receipt of the final portions of the feasibility study, Canmine estimates the minimum capital costs to bring the Werner Lake Cobalt Project into production to be $10 million. A 2% net smelter royalty will be payable upon the commencement of commercial production to Falconbridge, former owner of the mineral claims where underground work was commenced, and a 1% smelter royalty will be payable to William S. Ferreira Ltd. As a result of the amalgamation with Red Engine, Canmine now owns a 100% working interest in this property".
Yes, the form stated closing the Cobatec deal was Aug. 31, 1999. But how could this have happened if the money hasen't been raised?? Could this deal be in trouble? Could the Cobalt delivery agreement with Shepard be in trouble? Sure would be nice to know the conditions of these deals, so an investor could determine if these deals are sound or not!!
I still don't get a warm fuzzy feeling that all is well here for some reason!!
Ralph, insider reports are filed with the listing exchange not with Sedar. For Canmine, one would have to review the TSE Insider Report published monthly.
Thats all for now. Later |
