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Gold/Mining/Energy : Copper Fox

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To: Metacomet who wrote (9023)	1/4/2015 12:55:34 PM
From: mudguy	Read Replies (1) of 10654

They needed more than one core to prove up the waste. I won't defend him without the data to understand his thinking, but I do probably have some sense of what he was dealing with. No one was complaining when they bought the other properties and sunk a hole or two. I think Elmer is an explorer at heart (what geo isn't?) and probably wanted to spice up the prospect for the area by finding a sweet discovery. He might have realized that SC was not going to be a whole lot better than after the PFS, and wanted to shine the best light on it possible. That might have been a tactical error. It reinforces my general concern that the CEO should not be the QP in this business, certainly not in a large and complex development project. The two roles are very different and mixing them is risky. I personally don't think it will be a district, even if the geology is promising for more finds. I think of Sudbury,Olympic Dam, and Norilsk as districts. SC is a speck of dust compared to those deposits. Building big mines in remote mountainous areas is expensive and risky- just ask Barrick and Codelco. Add 50% to the capex and see what that does for the return on investment. +50% is a conservative factor given recent industry projects.

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