Elmer B. Stewart President and CEO of CopperFox stated, "The completionof the resource estimate is a great milestone for Copper Fox. Ourprimary objective now is to complete the feasibility study for theSchaft Creek project as soon as possible. The strategy for the resourceestimate was to eliminate areas of very low grade mineralization andtherefore reduce grade smoothing. The updated resource estimate showsthat the average metal grades for the deposit remain relativelyconstant up to a 0.25% copper equivalent cut-off, above which the tonnes decrease significantly with a corresponding increase in theaverage metal grades. The 2011 drilling program is focusing on thehigher-grade mineralization intersected in the Paramount zone in 2010with the objective of defining a higher-grade "starter pit" andincreasing the tonnage and average grade of the metals in this zone.Copper Fox expects to complete a resource estimate update for this zoneafter completion of the 2011 drilling program."
Base Case:Copper Fox has selected the 0.20% copper equivalent ("Cu Eq.") cut-offfor its base case resource estimate. A 0.12% Cu Eq. cut-off was theminimum grade of copper equivalent estimated by AMEC required (usingthe estimated copper recovery rate, the milling and sales cost) tobreak-even on an operating cost per tonne basis. In adopting a moreconservative approach to optimize the economics, Copper Fox hasselected a higher cut-off grade to increase the average copper gradeper tonne while reducing tonnage.
All in context of the NR: Tonnes decrease but grades go higher well ok and they are using a 8% higher cut-off of course the M&I will reflect that as Elmer states..."to therefore reduce grade smoothing" pretty honest stuff
I added back a few shares I sold at 2.23 in April. Missed the low of day, but if it gets back to the 1.50 area I would likely add a few more.
