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Gold/Mining/Energy : Copper Fox
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To: louel who wrote (8962)1/1/2015 8:38:01 PM
From: Hog Head3 Recommendations

Recommended By
Metacomet
minder
Zep70

   of 10654
 
Good post Louel!

I didn't know about the Mineral Tax Act. The rest of it makes a lot of sense too.

I would add my opinion to the part about the project not being profitable at today's metal prices, though...

I think if time and money wasn't spent on exploring the zones outside the Salazar and focus could have been maintained on the part that counts we wouldn't be left with 171 million tons of waste (not waste)?

I would like to think that if the property was proven up as a qualified person should know it would need to be - we would have a BFS that wasn't marginal at all? A QUALIFIED person that has brought 5 mines to production maybe wouldn't have made this type of mistake if the eye could have been kept on the prize?

How could this have happened as it did? No wonder questions are being asked - our QP is an experienced geologist? The BFS's failure to properly prove up the property (waste, not waste) was a spectacular failure for one of the Venture's darlings. An unexplained disaster of mammoth proportions.

Who would get to keep a 300k+/yr job after that? How many hundreds of millions did that evaporate from our market cap? Maybe I am misunderstanding what happened, but we have never gotten that much deserved explanation Grant has been asking for? I would be happy to get some frank acknowledgement that someone dropped the ball or at least some explanation how this oversight that cratered our investment happened in the first place. I think a significant part of why many are so upset is that management continues on as if it never happened? Someone blew it - who was it?

In my opinion, I think management's biggest weakness is the tendency to get distracted/sidetracked. Whether its other SC zones or other projects such as Arizona, Carmax or TBA for that matter. The district concept isn't something we were paid for. All the Titan and Mira surveys didn't help the BFS, and that was the only target we NEEDED to hit. I think we could have nailed the BFS, and explored the district properties later. Wouldn't that have provided more shareholder value? And the time cost? We probably could have had this wrapped up long ago when the market was still receptive, but thats spilt milk I guess...A management team that could singularly focus on the target at hand would have likely provided a better result for all shareholders.
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