Food for thought.
Here is some good info for you. I worked in quebec in the mining sector and based on additional information I could find.
The environmental issue is not as big of a problem as you would think as long as the environmental laws are respected with good engineering.
This is how it works. In order for any mineral and exploration to be able to go into full production let’s say 800-1000 tons per day operation takes about 5-10 years. Some steps of the development of a mining operation can be done simultaneously.
This is the short version scenario for a claim area of approx. 1500-2000 acres.
Field prospecting surface sampling for a potential mineral deposit prior to staking takes 3-6 months.
Geophysics and airborn IP with a full study of data takes another 3-6 months
Line cutting with a 4 man operation. 1-2 months
Core drilling with 1 drill 80-90 holes to 1000-1500 ft 8-12 months.
Assaying 3-4 months
Environmental impact study 12-18 months
Environmental impact study from time of submission to approval could take 12-18 additional months
Feasibility study 12-18 months
Feasibility study from the time of submission to approval could take 6 -12 months
Removal of over burden takes 1-2 months.
Bulk sampling approx 6 months including the acquisition of permits, fees and equipment
Application of all permits from the time of submission to approval takes 2-18 months
Mineral processing operation from conceptual design to complete installation 5-7 years this includes tailings containment that’s provided the $350 million to $500 million is secured. (that’s only a guesstimate)
Just to secure this kind of financing is tough and would take a few years.
Acquisition of some off the shelf OEM equipment takes 6-12 months
Mining operation start up and efficiency study 3-6 months.
And to complicate matters Canwealth's management is to bloody old.
The way I see it, I’m staying away from any investing in this company.