Goodwithtoys, since Teck hasn't spent the entire $12 million yet, can they actually earn 70% of the project right away? Could they accelerate the payments and simply write a check at any time to fulfill all of the requirements at the stroke of a pen by spending and/or paying $12 million??
If Teck can control TPW for $12 million, with EXS having done all the heavy lifting with 118 holes and $25 million in past drilling expenditures, then flip the property to a Tahoe or a Goldcorp for $hundreds of millions, without actually having extracted a single ounce of gold, well I believe some executive at Teck is going to earn himself or herself a rather large bonus on that transaction.
As an EXS shareholder, I am still glad Teck was brought in to make this project happen, because deep pockets were needed. Not too many of us on this board would be unhappy with 30% of a property that may soon be taken out by a major.
Ultimately, Tahoe or Goldcorp are the logical buyers for TPW as they control the area mills if memory serves me correctly. So a quick flip for millions in profits by Teck gives them some serious cash to invest elsewhere.
Good luck with the drilling at Kidd Creek. That seems like an impossible deadline to pull a hole with massive sulphides by the early June mining conference . . . unless the rumours of Glencore's underground horizontal drilling success are true, and CD knows right where to look. Timmins, you've just got to love all the intrigue in what only appears to be a sleepy liitle Northern Ontario town.
Also, BTW, let's hope the mineralization from TPW extends to the Odgen property as theorized. GLTA
AI
