Been awhile but just wanted to add some much needed support to the longs here. I have copied some of the information from my conversation with CC three weeks ago. I hope this helps:
When can we expect the metallurgy report?
They have been at it for 6 to 7 months already and are still doing a number of tests. They have already informed us that the projected recoveries are 86%. The full metallurgy report will only be available when the PFS will be out sometime before the end of 2009.
Have you received any results from the new anomalies?
We’ve seen the core, it looks like there’s a bit there and we will be drilling up to 30 holes. If there’s something there, great, if there isn’t, we can inform the engineers, so they can plot the mine and tailings. We have a mine for 31 years worth of Moly.
The other drilling we’re doing now is to shorten the spacing between the holes we’ve already drilled. The plan is to drill about 100 meters from hole to hole in the pit area we’re targeting. The area is 700 metres long, 500 meters deep and 500 meters across.
How are negotiations proceeding with the used equipment/JV deal?
I honestly cannot comment on that. There are companies that we are talking with but I cannot talk about it.
I said: “Well, if you don’t mind me asking, how have you been shopping around for used equipment, through auctions or connections?”
He replied: We are talking with companies directly… we do have connections.
Have you made any official arrangements with First nations and government support for permits?
Negotiations with First Nations are ongoing. Warren Robb and CC were leaving on Tuesday to meet with FN. CC had said that they were non-committal at this stage and that details still needed to be worked out.
Regarding the government, TTM has started a process to make the government aware that they want to fast track this project to production. I asked why fast-track? He said: “I can’t tell you but you will eventually understand why?” CC said they had a meeting with the mayor of Vanderhoof on a Wednesday night and 2 counsel men. He said: "We are proposing to employ 700-800 people and have been doing everything to make sure everyone that needs to be consulted has been."
Also, the BC Finance Minister’s wife is best friends with CC’s sister. They have had discussions about the mine and they have made it clear that they want a definitive date as to the support they will get. I asked: Sounds like you’re putting pressure on them, why a definitive date? : He paused and said: “Again Bobby, I can’t tell you, but you will eventually understand why?”
CC: “I also have met and know the premier of BC”
When talking about the Finance Minister, CC said he has a meeting with him in early December and that's when he expects to have his "definitive answer".
How long do you project TTM can operate without requiring additional financing?
I had funds made available to me two weeks ago but with the markets being were they are, we have postponed this to maybe January 2009 at which time we anticipate our SP being higher. We can still go for another 6 to 8 months before needing additional capital.
I said: Well, how do you plan to pay for the PFS since the PEA said it would cost something like $40 million.
He replied: We overestimate costs, the report will cost much less than $20 million and it’s not a one time payment, it’s an ongoing payment. We have meeting with engineers on November 11th to get costs associated with permits and further discuss the pits and other details.
What are the near-term milestones that you plan to accomplish?
Well… the PFS
That is… get the in pit resources moved to indicated and get a measured resource as well and the metallurgy will be in there too. We need 2 years of data for the water study.
When talking about the cost of the PFS, he said that a lot of the work that needed to go in the PFS has been done in the PEA. That's why it will cost MUCH less than $20 million. He also reassured me that they will not have any problems paying for it and that the study is ongoing.
What safeguards do you have in place to protect shareholders from a hostile takeover with this ridiculously low/undervalued SP?
As expected, he said the shareholder rights plan that they had announced a while back. He said if someone tried a hostile takeover, they would reject the deal because they know what they have and want the best for them and the shareholders.
Bobby
