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Gold/Mining/Energy : Copper Fox
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To: Tap66 who wrote (9444)4/8/2015 10:16:25 AM
From: brundall6 Recommendations

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Well, a PEA is an initial, necessary first step in a long process of defining whether your patch of dirt is a viable entity or not. Todays announcement is good news, you cannot sell anything without defining it's value.

The PEA at Schaft Creek was started in around March of 2007 and completed in January 2008...then we progressed to a PFS and then finally the infamous BFS was announced at Christmas 2012. So a full 6 years passed between initialising the pea and completing the BFS. This cost around $90 million to complete.

We then turned around and sold 75% of everything at Schaft Creek for $39 million ($24 million + up to $15 million in Teck paid costs), placing a valuation on our remaining 25% at $9.75 million.

Selling the Van Dyke deposit after only an initial PEA for $200 million is so far away from reality that it's laughable. 5 years from now after a PEA, PFS, a BFS and all environmental permits are in place, we could start to get excited over some decent offers. Knowing managements track record on getting value out of it's projects I would say If we can get $20 million for the deposit next year, we should grab it and run.
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