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It will be real interesting if we get the 185 rig back. Wonder what the plan for it would be since we are purchasing another. contract drilling, or move it to tassie and start drilling. It has the capability(depth)to drill many of the structures. Are we going to end up with two drilling rigs with our own crews to run them. That would definetly keep cost down and give us the ablility to develope the fields more quickly. Maybe Malcolm has has a lot more going on for quick positive end results than we know. Again just very intriged about the 185rig been stated PR. I really don't see any reason to have made that statement unless there's something else going on(positive)
Howard your right about us not having a revenue stream. Which greatly impacts PPS. I'm sure someone will put all the negitives that are still around out as always. For me personally this is the best I have felt about EEGC prospects since last summer. I found it interesting the statement about the 185 rig that was purchased for $1.3M. And has since drilled to 2400m in the PR. Do you know if this was the rig that was illeagally sold. If so are we getting it back? It has the capability drill some of the other sites. If we get it back it would open alot of possibilites.
Why the negative spin. I mean if its not black enough then less impurities. It would be a real disapointment if it came as such a high grade oil. Granted when I cash out the sum will be so large that it may take a few days to transfer. That could be very stressful. And talk about stress filling my taxes well they were already. Well on the plus side I'll just purchase a Vette so I'll still have gas money. Good points I'm sure in some fashion they will all come to pass. I better run as I'm sure I have something else to worry about.
Hi Howard, can you tell me were the info came from about the aquiring of a new rig. I looked at the company website and did not find anything about it. Do you know what make our model it is.
The only thing I caught about operations was they said they were working in order to get the mag operating again, but they also said The Company hopes to resume full operations as soon as possible. I do believe the mag is a seperate operation as they have produced mag con for quiet some time. It was stated back in Sept that they were doubling mag production to 4000t every 10 days.
Well that statement supports the thought about Massey beening very interested finacially in all this. 75,000T @ $16.50= $1,237,000/yr. If spot price is $100/T and they had to buy on the open market = $7.5m meaning they would be looking at an increase expense of $6.2m/yr based on the numbers they expected to recieve 75,000Tons for 8 years at these prices. The lost of cprk they could be looking at $50M to added input over those 8 years. Unbelievable that we would have gave them such a sweet deal. We should have offered more like a sale price of 10-20% under spot price. Remember in the investors note (Our Hidden Treasure pit produces ore that is roughly 25-35% Magnetite and we believe that we can continue to mine that area at a rate of 2500 tons/day for about 14 months. The simple math says that we will produce 100,000-150,000 tons of Magnetite over our obligation to our current buyer. Assuming that the price just stays the same, this byproduct will add fairly dramatically to our revenue stream. If the price were to go up only 25-30% we could have a very nice upside surprise) 100k extra @ $100/T is $10M. $10M over the next 14months plus taking care of Massey and we would produce some con seems like we should be operating for a while to show this thing can work. Maybe though we can develope new ore bodies very soon and the mill runs like it suppose to. The HT ore is saved for SX/EW and installed soon.
Howard can you clarify more. I was under the impression from your previous post that we were getting the rig that was purchased years ago back because it was not leagally sold. So I do not understand when you say the new rig. Are we not getting the origanal rig back but a replacement? Were did this info come from.
Hi Howard it been a while and I have not kept up as much as I should have but whats this about getting the drill rig that we had purchased back? Do you happen to have the specs on that rig still? Thanks for the help.
Interesting speculation about Massey. How much mag were we comitted to sell them each year. We were committed for X tons @ $25/ton (if I remember right). Market price now at $100/ton? So if were not seling to them their input cost just went way up, so they do have a large finacial interest in this. Whats interesting is not the mag production sepeate, so why is this not running?
Hello everyone. I've been out of the loop for the last couple weeks. Can anyone update me on any info about how the mill shut down(again) is progressing. I've read the last 30 or so post and something was said of a possiblity of a JV. Whats the word or speculation about that. Any info about the operation of the plant will be greatly appreciated. Thanks.
Boy that got taken down fast. Oh well maybe I can get a few more. Does anybody know if the have and estimated time for being down. Hopefully only a couple days.
Colorado I believe your payment numbers are correct.
I agree to generate as cash as quickly as possible, but give the history I do want to build a safty net for revenue. I do not know what replacement parts they will have on hand. Hopefully we will not need more than a week worth of inventory. If we have a break down I would like to be able to keep shipping to keep cash coming in while down. As for building inventory I did state over a few months. My thinking is once we achieve enough revenue to cover cost, and we continue to increase output we hold a little to build inventories. Like send 90% (over cash needs) out to increase revenue and hold 10% so that we get to were we have enough on hand that we could be down for something major and keep shipping. Or now they are targeting 3250T/day but in the past they talked about 4500/day so does this mean that we will have to add more cells in the future? I don't know. Just trying to think ahead. Yes first we just need cash but once we cover cost let have a safty net so if down we continue cash flow and keep buyers happy with a steady supply.
Hi Richard won't argue with you on any point. Each point is valid, but don't you think that now we have been producing for about two weeks that shipment will commence soon. In the past did they want about 2 weeks inventory on hand? So maybe next week they start shipping, I hope so just like you and everybody else. Even better a PR tommorrow or Friday stating this. Should include info about number of shipments expected each week also. Followed by PR's of delivery. Maybe they can produce a little more than delivery over the next couple months and build inventory to a months worth of supply. Believe me I understand your frustration but don't you think that things are looking better than they have in months?
Granted someware around 75% RS are not good for inverstors. If you look at those that are bad most are either shell companies or have no chance of being successful. Companies that have growing revenues/profits tend to do ok. Doing a R/S with growing profits and moving up to a higher board IMO will not hurt share holders.
Or it could be good considering our move in pps today. I would think that this gets corrected. So if those who relie on Google for info don't know yet and they find the PR tuesday then we possibly end up with a larger buying pool tommorrow or wendseday. Plus most everything PR today should be covered on the Chippas show.
Fox I agree with you as a general statement. A lot of copper mines have a enough gold and silver that on a dollar basis will cover cost and the copper is profit. It was stated some time back that CPRK was drilling at another site and the gold results were very good. If it was a moderate size deposit the numbers that were stated would justifie a small gold operation(stand alone). I do not remember the numbers and if there was even an estimate for the number of estimated tons of ore. It was made to sound like there was some interest in developing this site in the near term for the gold benifits. Just what I heard and nothing more. We do know that some of the biggest gold and copper mines in the world are located within a couple hundered miles of our land, in each direction. I believe Neveda is the 3rd largest gold producer in the world. One of the largest copper mines in the world in Arizona.
Trueblue there was a PR for Gold and silver for concentrate #'s from December.
Copper King Announces Certified Assay Results for Gold and Silver
MILFORD, UT -- (MARKET WIRE) -- 12/22/09 -- Copper King Mining (PINKSHEETS: CPRK) today announced that it has received "CERTIFIED" Gold and silver assays from Jacobs Assay Office for the concentrate shipped to the Asarco smelter from a lot of approximately 500 tons recently produced at our mill, as follows:
AU OZ/T AG OZ/T
------- -------
Sample 1 .228 33.80
Sample 2 .232 37.95
Sample 3 .144 35.85
Sample 4 .200 37.55
Sample 5 .176 40.85
Sample 6 .236 39.85
Sample 7 .312 39.75
This represents significant gold and silver above the average copper concentrate previously shipped and higher than the company had projected. The company expects to improve on this recovery in the first quarter of 2010.
I'm sure someone will chim in about drill results that were heavy in Gold at another site, don't remember which one or the drill results but they were very good numbers for even a producing good mine.
Thanks Lucky and Cleaningup for the links. I believe thats one of the estimates that I heard. I do remember those numbers from one source. So HT we been digging 1-1.5 years so far? Candy be 15-20X (20-30yr) next 10X CB (200-300yr) well very big numbers and sure those still need to be proved. If these hold true then we will probably increase production(new mill thats much larger) The big one though in the near term to me is SX/EW plant. They say capable of 60,000#Cu a day using the tailings. This will be a true cash cow. Even at 30,000#/day @ $3.50 = $105,000/day. Also looks like they are going to target a good grading gold deposit in the near term. This should help quicken making our bottom line look decent.
Well I'm right there with you. Lots of numbers to remember, but which one is which can become a challenge after so long. Especially when you watch so many different stocks. Thats the good thing about this board, usally someone remembers or still has info. Well either way with more drilling we will get more and more proved reserves. I'm sure before years end the company will have some kind of offical data on reserves estiments released.
I wonder if thats the same one I saw a couple years back. If so it a good show with lots of info about copper and copper production. I would recommend it to anyone that has not seen it to watch it.
Hi Banlish. Do you remember if that was proved reserves or not. I remember seeing the video from a couple summers ago and this was stated. I took it as infered reserve and not proven. Needless to say there is a good chance there is much more out. So that being we still need to drill and prove, but we may also find the big one or find many moderate deposits. I just don't remember if it was proved or not.
Lets hope that they planned a combination punch. I was hoping for more info but as I said the other day lets hope they release info at steady rates over the short term. I know that CAM said that tommorrow he will clarifie on the show. That should be good as there are still many questions. No doubt we are moving in the right direction. Hope over the next few weeks we get one or two meaningful PR's each week such as
Restart has been successful/smooth and we have been producing X days.
We have produced X ton and will start shippments on X day.
We are consistantly producing at our intial goal of 2200t/day
Stop sign down.
We have dilivered our first shipment of con and will be dilivering X loads each week.
After X days at 2200Ton we will begin ramping up production to 3200T/day with a mildstone of 2700T/day. Mild stone is expected in X-X weeks?
We have reached our mildstone of 2700T/day in the following weeks delivery of con will increase to X shippments per week.
We are CFP.
Based on numerous mild stones we have come to terms with X and secured LTF. With these monies we will settle all STF of which X shares were tide to. With the return of shares X will be retired.
COULD ADD MANY OTHER THING TO THIS.
Just hoping that 1-2 of these things can be PR each week in any combination. IMO if we can get such mildstones PR weekly we will see our pps increase at a nice steady pace that in 3-4 months we all will be very happy with our investment.
Web you are correct on P/E. All I was saying a P/E of 36 that was stated the other day is very realistic for a mining company. We may not know true earnings for some time but with hard numbers projections will be made. Share price is most influenced by projection of future earnings. Then there is always an emotional response which causes price to rise to much or for people to over sale. Even if profits end up $25m and we have 5B shares earnings per share would be $.005 pier P/E(36) pps = $.18 Yes there are a lot of variables out there still but if we start getting numbers people will calculate and project. Some project earnings at $.016 (36)=$.57 My point is that if things start falling into place and we become CFP that there is still great potential with this stock. There is a good chance that early on we see P/E in the 60-100 range (emotion) then begin dropping to our pier average.
Thats good to hear. Most that have looked into such things have seen this before. It was stated a day or two back that the average P/E for miners is 36. I have pesonally looked at different miner a few months back and found most in the 25-60 range with many at 100+. 36 seems like a good number and as you say earnings of .016(36)= $.57pps Sounds great to me. The other thing that I'm hoping for is its true that 1-2B shares are attached to loans. Hope to see these retired and stock by back.
First things first PR on monday with the good news with a follow-up later in the week. Then a PR next week about shipments. Followed later about steady shipments, CFP, LTF (month)and $.57 could be very real this summer. Lets not forget about SXWE and 60,000# pure CU per day plus the concentrate. Still huge potential for CPRK and us. Lets not forget there may be a mother load out there also.
Mariner please a little patience. Very glad that you got more shares today. I have funds going into my account today so I will not be able to buy until tommorrow. So I missed the lows again. Then this can run all it wants. .005 and beyond will be here shortly. Probably after an offical PR that the mill is running and we'll run right past .01
Your right copper gold the trend is starting to look like a bull is starting to rear his head. We all know when we get a PR that the mill is running hold on. Looked at the chart today and put in the 10 day moving average. We can all agrue about how many days and in general charts are not usally good for stocks that are in CPRK postion IMO. Any ways we hit the 10 day on Feb 26 crossed over then pulled back to 10 day on Mar 3 at a higher level. Then we got our pop to .0052 and then pulled back to the 10 day yesterday and now we have a nice pop today. So since Feb 26 we have been north of the 10 day with 2 pull backs to the 10 day. Each pull back has been at a higher level the previous pull back. Not a big chart guy unless I'm dealing with established company's. Maybe our chart guy can chim in an comfirm that the charts are starting to look bullish. LOL Still looks even better off our low on Feb 24(.0013) looks like we will finish the day at .0034 or 260% increse over our feb 24 low. Nothing to cry about and we should soon blow right past our .0052 close the other day.
Did anyone notice the ask at the top of the board. .02 did not notice this earlier today. I know we have seen this before. Just a misprint or maybe someone has some info?
Are you sure you're kidding
At least then we would be producing, generating income. Sometimes it does seem like some of us are monday morning quarterbacks, but I do believe there is enough knowledge and talent on this board that together this could be a lot further along. I will give some credit to MD as he has managed to keep us alive. Many others would have failed long ago. As being responsible for production at my plant if my performance record was that of CPRK I would no longer be incharge of production. Sorry everyone maybe I'm just let off a little steam. I do feel like we were misled last week. My faith is still strong and with this dip I will be buying more shares, found a little more money.
Rich you make some good points. Hopefully we get a report tommorrow from eyes on sight. I personally am not as concern about the finacials. The big thing is them missing the mark on getting the mill running again. I personally know all the things that can go wrong with adding new equipment and even just a restart. I work at a plant that does an extraction process(though not mining) but the basics are the same. Time and time again they do even come close to their time lines. I remember when they were blamming Toshiba for the delays. Now I do not know the situation with this but they should have had someone on site to be able to program the equipment. This can be a time consuming issue to get all the programming correct(I know one of my jobs) I do have to question the abilites of people when they miss the mark so often. Now that being said I still believe in CPRK as the potential is so huge. If they had the mill up and running smoothly and PR this could have continued our run on pps. As for finaicals for PKsheets CAM did say first step. IMO if they knew then why not say they were not ready but were still hopeful to have them completed 1st quarter or something. Anyways I'll just wait and see what happen over the rest of the week. Hopefully the Mill is running as I think this is more important.
I have never really understood that one. I have heard others and I have experinced that same thing a few times. Makes know sense that you can put an order in higher than the ask and your order can't fill at the ask. Yet you watch new trades come in lower than the ask. Oh well our day will be here soon. Just hoping that I can get a little more money into my account befor this jumps again.
I agree, I have held this long and they will not get a single share of mine until were well into double didgets. I see that those reporting on this board, so many have millions or 10's of millions of shares now. So even with dilution members on this board control a larger stake in the company than we did a year ago which means we have more influence on share price as long as we keep our share tight especially when the buying starts. I personally still have mine set a very high sale price just to make sure mine are not borrowed. Still even after today I still think we will be over a penny on friday.
Go figure. The minute I say something bamm the pps get knocked down. Sometimes it does seem like their listening to this board. It like we'll show you. Oh well still to this day have not sold one share and I have been buying since Aug 2008. So let them continue to play their game. I wonder if this last drop is to help the shorts cover. Though I think the big cover will happen when we are at .007-.01 range, hopefully tuesday or wendseday
Hi everyone, Looks like we may trend up to finish the day out. Was just at NASDAQ to check price a few minutes ago and seen the last trade was 200 shares @ .0044. By the time I logged on to ihub price was back at .0048, looks like their looking for shares. I seen Nate put an small order in going to do the same. Thinking we can still finish green. Hopefully the stop sign is down tommorrow and we get a PR the mill is running this afternoon or tommorrow. It will be great if can finish .005+, Hope we continue the up trend for the rest of the week.
I was wondering for now what I will say is rumor. If there were to be a reverse merger good or bad for shareholders. Is not such a structural change in a corperation required by law to be voted on by the shareholders. I am not sure but from what I have read I believe this would be the case. Its been a long time since I read about what actions require a shareholder vote so I'm not sure. Was not it posted not to long ago someone was told that talks of going private had not been talked about. Now its become a reverse merger with a private. Just thought I would bring it up since it has not been discussed. Then again this may just be a rumor as so many other things that have been posted over the last year and were just wasting our breath. We'll I guess we'll find out when the board desides they want us to know.
Right on Willboat. It is very interesting situation over the last month or two. It seems that 4 of 5 days a week we get chopped blocked. Like today 90% of trades happen at or above the previous close. Then in the last 30 minutes we get or legs cut out from under us day after day. Day after day I watch last sell always under the ask? I have know doubt that someone is pushing this down. Like alot of you I have not give up one share and have continued to purchase shares. Not at 1 mil but getting close. Like you all I'm ready for a new song and dance. Keeping the faith.
Happy with Zecco but to add you only get 10 free trade if you have over $25000 in assets. If you do then you get 10 free trades each month. If not all trades are $4.50 and no hidden fee's. I have been been very happy with the basic service. Easy to use and orders seem to process as quickly as one would think possible.
Howard here is one technical from my last post that is very important to financials. MB there are not 10 billion barrels of oil down there. I dare you to prove me wrong all you have to do is drill. Please prove me wrong. I do believe that the odds of commercial oil is there and I am a technical guy so my attitude is just drill it. I understand the finacial side also just hope that is dealt with ASAP and that drill starts turning. My personal experience is that I can complete my work in 1/3 the time the paper pushers can make up their minds and then they want me to do my job in 1/2 the time I told them it would take to start with. I guess thats why I'm a tech I just get it done.
Maybe your joking around or not but the simple is that they fracture the earth creating channels for the oil to flow into the pipe which then they use a pump to bring it to the surface. Sometime the oil is under so much pressure that it gushes upward. Like in the movies when they drill a the oil shoots 100 feet into the air. once the high pressure is relieved the oil requires a pump to get to the surface. Again old movies of an oil field "the big rotating arm with the jack moving up and down" Thats the pump that raises the oil to the surface. I guess we could lower someone down the well and use a plastic bottle "plastic fairly oil resistant should last for a couple years" Oh wait that won't work as we have no stinkin hole to lower them down so much for that. MB there are not 10 billion barrels of oil down there. I dare you to prove me wrong all you have to do is drill. Please prove me wrong.
here's a little piece on basic oil exploration.
Finding Oil and Gas
The task of finding oil and gas that is deeply embedded in the earth is first assigned to a geologist. Modern day geologists start their search for oil and gas by examining surface rocks and terrain with the help of satellite images. By surveying and mapping the surface and sub-surface characteristics of a certain area, the geologist can extrapolate which areas are most likely to contain a petroleum or natural gas reservoir. They also use a variety of other high tech equipment such as onshore seismology, gravity meters, magnetometers and sand sniffers.
Gravity meters measure tiny changes in the Earth's gravitational field that can indicate flowing oil. Magnetometers measure tiny changes in the Earth's magnetic field which can give clues to local deposits of oil and gas. Sniffers are sensitive electronic devices which detect the smell of hydrocarbons, which can indicate the presence of oil. Perhaps the most common method used by geologists to find oil is seismology. Seismology creates shock waves that pass through hidden rock layers. Geologists then interpret the waves that are reflected back to the surface to determine if oil and gas are present.
Preparing the Land
Once a geologist has selected a site, it must be surveyed to determine its boundaries and studies to determine any possible environmental impact must be done. Lease agreements, permits, titles and right-of way access for the land must also be obtained. For off-shore sites, legal jurisdiction must be determined. Once the legal issues have been settled, a crew goes about preparing the land. The land is cleared and leveled, and access roads are built. A well pad must be constructed to separate the wildlife, crops or residences from the well. The pad must be large enough to accommodate emergency, maintenance and construction equipment necessary for operations and repairs during the life of the well. Because water is used in drilling, there must be a source of water nearby. If there is no natural source, a well must be dug. Once the land and well pad have been prepared, several holes are made to support the rig and its 90 foot derrick or mast. Some rigs are built on ships or barges when there is no foundation to support a rig (as in marshes or lakes). Depending upon the location of the drill site and its access, ancillary equipment is then transported to the site by truck, helicopter or barge.
Casings and Cementing
Prior to the arrival of a big drilling rig, workers install "conductor casing". Conductor casing, which is usually no more than 20 to 50 feet long, is installed to prevent the top of the well from caving in and to help in the process of circulating the drilling fluid up from the bottom of the well. The casing is usually 16 to 20 inches in diameter. The hole for the casing is usually drilled with a small auger on the back of a truck. The casing is then cemented in place.
Once the conductor casing is in place and the rig has arrived, workers start drilling a 600 to 1000 foot hole to accommodate the "surface casing". Surface casing is a large diameter, low-pressure pipe that is designed to protect the earth's aquifer from contamination during drilling. The casing itself comes in 40-foot sections, which are threaded at both ends. Workers, or "roughnecks", attach the sections with a "collar" which also is threaded .The roughnecks then tighten the collar with a large pipe wrench. Once the surface casing has been run into the hole, special cement is pumped in. The cement seals the area between the surface casing and the side of the hole.
Drilling the Well
Once the surface casing is in place, workers can actually begin drilling for oil. The well is drilled by a rig rotating pipe (or drill pipe) with a bit attached to the end. Drill pipe is added in 30 foot lengths at a time. Weight is applied to the bit through the use of drill collars or thick walled tubular pieces made from solid pieces of steel. A liquid consisting of fresh water and bentonite, also called drilling mud, is circulated in the hole during drilling to remove cuttings and maintain pressure. Blow out preventers or BOPs are installed at the surface to control any unexpected changes in pressure.
Logging
Once the hole reaches the desired depth, logging begins. Logging is the process of determining which of the formations between the surface and the bottom of the well contain oil and gas and which formations contain merely water. An electrical cable and a "logging tool" are lowered into the hole, and the tool sends electrical charges into the formation. The tool then sends geological information to a "logging" truck where a computer processes the information. The information which can be derived from logging includes rock type, porosity, and resistivity.
The Casing Point Decision
Once this information is gathered and studied, a decision is made to either plug or complete the well. This is called the "casing point decision". If a decision is made to complete the well, then more casing is lowered in to reach the bottom of the hole. Cement is once again pumped into the hole to seal the area between the surface casing and the side of the hole. However, the cement to hold this casing stops at least 500 feet below the surface to prevent natural gas leaks. Setting this casing is the final step before well stimulation can begin.
Well Stimulation
Well stimulation consists of various techniques used to loosen the oil that is trapped in the porous rock. Hydraulic fracing (pronounced fracking) is the most commonly used method. Fracing involves pumping water at extremely high pressure into the hole until a crack develops in the rock formation. Water and sand are then pumped into the crack. The sand holds the cracks open until all the oil escapes the rock and flows into the casing.
Well Completion
Well stimulation consists of various techniques used to loosen the oil that is trapped in the porous rock. Hydraulic fracing (pronounced fracking) is the most commonly used method. Fracing involves pumping water at extremely high pressure into the hole until a crack develops in the rock formation. Water and sand are then pumped into the crack. The sand holds the cracks open until all the oil escapes the rock and flows into the casing.
Production
Once the well has been completed, it moves to the production stage. The oil and gas streams are separated. The gas flows into a gas pipeline that carries it to processing plants and then onto the consumer for purchase. Meters are installed from the wellhead to measure the amount of gas that is being purchased. The oil that is separated flows into tanks and is stored until it trucked or shipped via pipeline to a refinery.