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Gold/Mining/Energy : Copper Fox
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To: Metacomet who wrote (9469)4/11/2015 11:51:20 AM
From: brundall1 Recommendation

Recommended By
Underhill69

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and now we are blowing thru cash to polish a turd that won't escape the valuation that will be driven by the fact that you can't mine without water

Totally agree....if however they can turn a small profit of say $5 million at Van Dyke then it may have been worth it in my opinion....not withstanding the debacle that happened before.

in the end it came down to two options for Copper Fox. After being bent over with no lube by Teck at their prime property, it was either sit and wait for 5 years doing absolutely nothing conserving cash while Teck made up their mind on Schaft Creek - or to change the company mission statement into an incubator of early stage exploration projects and go out and purchase a distressed property for as cheaply and quickly as possible and try to make a small profit.

Rightly or wrongly they chose the second option.

The problems with cash were largely caused by the imo ludicrous liquidity payment that removed $11+ million from the coffers rather than purchasing sandpits. But that was probably demanded by our largest shareholder to recoup some cash.
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