Hi J. I can answer these questions!!
why would a company walk away from a project with 50 million ozs of copper that was to be in the process of mining all along from back over a year ago?(I know you met tonnes not ozs)
Copper in Chile' is mined for a cash cost of .48cUs-.55cUS per pound. Copper is selling for .73c/lbUS at the moment! No properties are being developed that have copper on them unless its huge.
The Mina Claudia had est of 200,000,000 tonns of potential copper, later dropped to 50,000,000 potential copper
This is not "proven" this is a "guestimate or estimate", which geologist are famous for! The only way the word "proven" can be substituted for the word "potential" is to drill the property! You can't sell "potential, you can't mine potential, and you sure can't expect shareprice appreciation on "potential".
From a News Release and info from Mr. Gordon House P.Geo, Dated Feb 15, 1997 states in part, "mineralization was observed to extend over 300 meters along strike and to be 100 meters thick on the Mina Claudia (claim) while the copper mineralization observed on the Manto Milagroso (claim) has a strike exposure of about 500 meters and occurs over an elevation difference of 1000 meters"
Geologist jargon! The key word here is "observed". I then "imply potential"! All of which is a "come-on" for shareholders!(welcome to the world of mining!)
"The results (eg. three samples assayed 0.25%, 0.94%, and > 1.00% copper) indicate the dacite dome complex carries values in copper and precious metals and is more than a caprock to underlying andesite volcanics". Mr. House also stated, Potential also exists for the development of substantial gold zones on the porperty.
Key words are "three samples" ONLY! "potential" exists..yada..yada..yada...
So where's your money? .....tied up in "potential" and "observed"
the Chief |
