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Gold/Mining/Energy : Copper Fox
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To: louel who wrote (9000)1/3/2015 1:38:28 AM
From: explorationguy2 Recommendations

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dsikorsk
Zep70

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I think we know what Teck is trying to do but whether or not they will be successful is unknown yet. Here's some notes from press releases, the website project overview and the FS:

" Efforts to reduce the capital expenditure at Schaft Creek include a review of the location and size of the milling facility, tailing storage facility and camp facilities."

" A potential initial 12 year mine plan focused on the Liard zone"

" The 90% pit shell has been chosen for development of the final design pit in order to maximize the mineable economic resource... "

" Smaller pit shells exist within the ultimate pit limit that have higher economic margins due to lower strip ratios or better grades. "

" Phase 2S (Figure 16.11) will be a pushback of Phase 1S, and a low strip ratio high-grade pit that will provide the primary feed for the mill during the first half of the mine life. "

This information suggests Teck may present a scaled back version of a mine plan upon condition it will have significantly better economics then the FS. They could propose a 65k to 100k tonne/day mine plan initially over the Liard zone with an option to expand later if metal prices improve. The FS starts with stripping over the Paramount zone but the PreFS and Teck want to start over the south zone(Liard). We'll see what unfolds but I expect we'll know over the next 3 months. If we get the same messaging about more drilling, more optimization and more time is needed even in March then we'll know nothing is going to happen this year. At which point the risks of consolidation, dilution, running out of money become highly probable. If, on the other hand, we get some clear messaging that Teck is preparing a package to file an EA then the share price will be on the road to recovery. Here's the image showing the 2N(Paramount) and 2S(Liard) pit phases that illustrates why the strip ratio is much better in the south.

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