Due to a default of the vendor who sold the BX Property to HPY, it appears HPY has lost this property. On Febr. 8, talk of this was all over SH. Some even suggested that the entire Ratiera property was involved. Since I had been looking at taking a position in HPY, I immediately called David Blann. Below is a summary of the call and some of my observations:
"I did call the President, Mr. Blann on this right before the news release. He certainly made me feel comfortable about it. He basically indicated that he believed that HPY did everything correctly and the problem was with the vendor of the land. He also indicated that it was a small part of their copper land and they had done minimal exploration on it and found no economical viable quantities of minerals on it yet. He also indicated that he was going to call the vendor and find out what he had to say for himself. He did NOT threaten any lawsuit but he was a bit shocked by the maneuver at the time. My assumption was that because the land may or may not have any economical quantities of minerals, it probably would cost more in legal fees to sue than any settlement HPY might receive if they won.
Mr. Blann did state that he believed that, right now, the value of that property added zero to the value of HPY and was not a priority for exploration in 2012. Obviously, he hoped that it might add something to the value of HPY in the future or he wouldn't have aquired it.
I was very impressed by Mr. Blann and his explanation. I don't own any HPY at this time, but I intend to purchase some in the near future. He explained that they intended to do more exploration on the Tungsten property this year because initial results were very impressive both as to grade and also the fact the the Tungsten they found was so shallow.
In addition he indicated that if the Tungsten property continued to look as good as it does now after further drilling and they are able to determine that it appears to be a viable project, they might very well consider splitting the company up early next year. Of course, that decision has not been made.
To me the story here is that they appear to have a good copper project which has had extensive successful drilling done and they will continue to prove it up. In addition they have a highly prospective Tungsten project that, so far, looks like it could be a world class project if results continue to be even close to what they have so far.
This is about as good as it gets for an early stage junior. For me personally, it appears that I will be able to get in more cheaply than I expected as a result of the confusion caused by the real estate dispute over a very minor part of their land."
I am also attaching a press release released on the matter and hour or so after I spoke to Mr. Blann. It is my view that this discussion on SH may have been part of the reason the SP dipped all the way back to 20.5 cents today. Since I don't look a gift horse in the mouth, I am opening a position tomorrow even though I had planned to wait a couple more weeks. It may even go down further if the TA boys start looking at their graphs and, if it does, I will buy more even if I have to sell other good investments. If it goes back into the teens it will be a ridiculous buy.
In any event I wish to thank Webgogs for all the good research and DD he has posted here. I haven't gotten through it all, but I will and it will continue to be a great reference. Excuse me if I have repeated info. Gosh, this looks almost like a new CUU or maybe even better.
Rip
http://www.happycreekminerals.com/s/NewsReleases.asp?ReportID=506380&_Type=News-Releases&_Title=Happy-Creek-Announces-Default-by-Vendor-on-Mineral-Claims-Comprising-BX-Pro...
