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Are the sulfide and oxide floation tanks in parallel or in series? What I mean by that is does the ore just go through one set of the floatation tanks, or does all the ore go through both sets of tanks?
FFF
Alex,
There has been talk of a smelter, but I can't see that happening for years. They have enough to handle now and enough debt that they have to settle now to take on something that expensive. And Candy B has posted that there are a lot of regulatory issues they would have to address as well.
FFF
PWF,
The cementation will be used to pull most of the remaining copper from the floatation mill tailings. Due to the type of ore they are running through the floatation mill, they are no where near the 60-65% copper recovery rate that they had projected for the mill. So that tailings are still loaded with copper and the cementation process will recover that copper.
The floatation mill gets out the gold, silver and some of the copper. This creates a CuCon that is probably in the neighborhood of 33% copper. The cementation process will pull out most of the remaining copper and produce a concentrate (for lack of a better term, I will call it CemCon) of around 60% copper. Both the CuCon and CemCon need to be sent to a smelter to recover the copper and turn it into cathode copper (pure copper plates).
The SX/EW mill, which as far as I know is still not on site, would take the copper out of the tailings and produce cathode copper plates, which would eliminate the need to send it to the smelter.
My big question would be, if the cementation process works well, will there still be a need and financial justification to install the SX/EW mill? It would be nice to actually procuce the cathode copper, but is getting the copper out as cathode plates worth the expense of the SX/EW mill installation if the cementation process is effective at recovering the remaining copper?
FFF
Candy,
Did you or any of the other 3 take any pictures or video on your visit? Will they be posted somewhere for us to see?
Thanks.
FFF
True,
I don't know any specifics about that mine. How far down is the ore? If there is a lot of overburden that must be removed to get to the ore body, then it may take too long to get to the ore. They have been working on the HT mine for a long time now to remove the overburden so that they could get to the higher content ore.
FFF
I heard from CM this morning on a different issue. Here is what I emailed to him yesterday afternoon:
"Charles,
I want to open an account with www.Zecco.com for doing online trading. However they will not accept Pink Sheet / sub-penny stock certificates. I called the TA and they said that while they can do electronic stock transfers, they cannot do it at this time with CPRK. They said that is because of something on CPRK’s end, not with the TA. When will the TA be allowed to electronically transfer CPRK shares into brokerage houses? I have 7.5M shares that have just come off restriction. I would like to send in those restricted certificates and have the shares put into my Zecco account electronically. What will it take to be able to do this?
Also, any idea on when a PR may be issued?"
This morning CM responded back to the first issue, but made no comment on the PR. Here is his response:
"I'm working on the TA / Share acceptance issue right now...I'll try to get you an answer ASAP...
Charles"
FFF
Thank you Dr. Doug! That is a nice jump for the opening bid!
FFF
What did CPRK open at today? I am on a 15 minute delay so I haven't seen the pricing yet.
FFF
Paid,
That is the proven resources as of 2005. There has been a lot of drilling and a lot of new discoveries in the 4 years since.
FFF
5Pence,
I think you may have misstated the price of Tungsten. I am showing it to be around $16-$17/pound.
http://www.metalprices.com/FreeSite/metals/tungsten_wolframite/tungsten_wolframite.asp
And Moly is around $34/lb.
http://www.metalprices.com/FreeSite/metals/mo/mo.asp
FFF
JimmyT,
I believe the goal is to get $70-$80M. That should take care of paying off the major debt holders, getting the cementation and SX/EW mills up and running, and any needed operating funds until they become cash flow positive.
FFF
I also believe you JIT.
FFF
Paid,
What is "insider information" here? CPRK has already publicly announced that they are in production and making shipments of CuCon. The number of trucks being shipped on a given day is probably not considered as worthy of a press release.
FFF
Keep in mind that LTF in town means they visited the mill, it does not necessarily mean it is a done deal (unless JIT knows something I don't). But then again, maybe it is. I really don't know the results from those meetings. But it is great to hear that the discussion is progressing.
FFF
JIT,
I am hearing the same info.
FFF
CK,
Yes, hang in there. I think we are still in for good things. It is just taking longer than everyone (including me) thought it would. I have been invested in CPRK for a year now, and I do get frustrated at times. But I know they are working hard at getting this thing right. Immediate and Long Term financing are being negotiated (still!) and progress has been made. It may be that something on financing could be in the next PR. I do not know what news will be in the PR's, but I have heard that some exciting developments are going on with regards to the financing discussions right now.
Also, A great PR would be nice, but do you really think it will have a big impact on the share price at this time? Maybe it gets us over $.01 or over $.02, but that is not what most of us longs are looking for. I don't think CPRK will see real movement in the pps until they are fully reporting, are Pink compliant, and show 2-4 consecutive quarters of profit, or that they are on the path to profitability. Couple that with LTF and the retirement of 1-2B shares (per Fairways18) that are tied to short term loans, and this has the chance of becoming the stock we all want it to be - Well, that MOST of us want it to be! And as some posters have stated, maybe we don't want CPRK to publish their financials right now. I am sure they don't look too good yet. Once they have a good story to tell with their financials, then I will want to see them published. I don't know how any good can come from publishing a financial statement that says we have no money and we are still losing money. I have heard that they are still working on getting their past financials up to speed. And my guess is that once they are completed, management and the BOD will evaluate if the timing is right to release them.
I believe that the past missed target dates and promises from PR's were the result of the high expectations from people at CPRK. And I am sure many of these high expectations were created from MD's enthusiasm. But many of the insiders (and us investors!) are coming to understand that there are so many components in getting this working, and as much as we may not like it, that it just takes what it takes and no one really has control over it. It is a trial and error process and they are getting there. Hopefully, this new understanding and attitude will be reflected in the quality of their future PR's. CPRK is producing CuCon everyday right now and the quality is improving a lot. They are also producing a lot of magnetite, which seems to be often overlooked on this board.
All IMO.
FFF
Yes, CPRK's plate is not just full - it's overflowing! Let's get the floating mill dialed in and the cementation process running, and don't forget about the SX/EW mill, before we start breaking ground for a smelting facility!
FFF
How right you are!
Intel,
I anticipate the PR to include some info on production, stockpiles and shipping, the cementation process up and running, and at least one new surprise. I would like to see news of LTF or MTF (mid-term financing, that could turn into long term financing if certain conditions are met), but I haven't heard if that is completed yet or not. IMO.
FFF
SEMPRA payment terms are 60% upon shipment, 30% upon delivery at the smelter, and 10% balance once actual content is determined.
FFF
Has anyone deposited phyciscal CPRK shares into an online stock trading account?
Multiple posters here have said they use Zecco for online trading of CPRK shares. However they will not accept stock certificates for Pink Sheet stocks. AND the TA cannot elelctronically transfer my shares to a stock trading company.
So right now I cannot deposit my shares into my Zecco account.
Have any of you deposited a physical CPRK stock certificate with an online trading company? If yes, with who?
Thanks.
FFF
Does anyone use an online stock brokerage service that will accept Pink Sheet stock certificates? I have a Zecco account opened, but they will not accept deposits of Pink Sheet or penny stock certificates.
Thanks.
FFF
Does anyone know if the TA can electronically deposit shares into an online trading account?
I have a restricted share certificate that comes off restriction later this month and I want to see what my options are with it. I don't want to have to send it in, pay a fee, and get another certificate back, which I would then have to pay another fee to get it into a Zecco account.
AllyAustin,
The name and number of the TA is no longer in the IBox. Can you provide that for me.
FFF
The cementation process is relatively easy to set up and they should be very close to being ready with this by now. The SX/EW is a massive undertaking - they have to disassemble the mill, move it, and reassemble it in Milford, test it out, etc. This will take a lot of time and money - both of which they can't really afford right now.
The cementation process is a good alternative to the SX/EW right now. Both processes will extract the remaining copper out of the tailings. The difference being that the SX/EW produces pure cathode copper, while the cementation process produces a "super" cucon, with a copper content of around 60%. This super cucon is then shipped to the smelter to pull out the pure copper.
The ore that they have at the top of the HT mine, oxide ore, is not ideal for the floatation process. The ore further down in the HT mine is sulfide ore, which is what works best in a floatation mill.
Because the ore they are using right now is not ideal for floatation, they are leaving a lot of copper in the tailings. The cementation process will remove 98% of the copper that is left in the tailings. This is a cheap process and should result in CPRK being able to roughly double their copper output from the same amount of ore currently being run through the system.
FFF
CPRK is paid 60% at the time the truck is loaded. 30% upon delivery at the smelter. The remaining 10% is balanced out once the concentrate has been run and they have determined what was in it.
FFF
It takes 30 tons of ore to get 1 ton of concentrate. Assuming 1.7% copper in the ore, 65% recovery of the copper, and 33% copper in the concentrate.
FFF
Is there a link somewhere to see the O'Hurley interview yesterday on The Big Biz Show?
FFF
Rumor has it that John O'Hurley will be interviewed on the Neil Cavuto show today on FoxNews. Given his press release put out today I suspect that there will be talk about CPRK in this interview.
I caught CM on his way into a meeting, but he confirmed the interview.
FFF
It's time to end the "going private" talk.
I had 2 separate conversations with 2 different high level CPRK people (who would be involved in these discussions if they were true) 2 weeks ago regarding the rumors of going private. Both have no idea where this rumor is coming from and both assured me that there is no plan to go private. One of them told me that they had once discussed LTF with a firm that had suggested going private as part of the LTF, but CPRK is not even in any discussions with that firm at this point in time.
CPRK does not have any plans to take the company private.
This will be my only post on this topic.
FFF
CK,
That is what I was wondering as well.
FFF
Candy B,
However, the acreage number seems to have changed for Beaver County.
The PR’s in Sept. and on Oct. 14 stated: Copper King controls over 80,000 acres of advanced-stage and development-stage mineralized acreage in Western Beaver County, Utah. However, the last 2 PR’s on Oct. 20 and today state that: Copper King controls over 59,000 acres of advanced-stage and development-stage mineralized acreage in Western Beaver County, Utah. Same exact sentence, but with different numbers. Now granted, it does state "over 59,000", and 80,000 is over that number.
Is this a typo or did we lose control of 21,000 acres? I sent an email to CM earlier today on this topic and have not yet had a response.
FFF
They are still shipping 1 truck per day, and probably will be for a while yet. They have some cucon stockpiled, but they need to keep it as a safety stock. There are big penalties if you don't make your scheduled shipments, so they need to keep a safety stock in case they can't produce enough each day to meet their truckload commitments.
FFf
Nate,
I very much doubt that Charles is working on getting a LTF deal signed. That is not his responsibility. There are Board members who are working on this.
FFF
I emailed the Beaver County Journal and they emailed me a .pdf of page 9 of the paper that contained the article mentioned by Candy B on Oct. 27. The article mostly focuses on the Attorney General visiting the CPRK mill (AG Mark Shurtleff, also running for State Senator).
The formatting did not come through well in a cut and paste, but here is the article. There is also a picture of Mark D and Mark S standing together holding the picture of the Horn Silver Mine mentioned in the article.
FFF
SPOTLIGHT SHINING
on Extraordinary Personal Visit
by Kita Hunt
On Tuesday, October 20th
a very special and extraordinary
visitor entered through
the offi ce doors here at our
Western Utah Copper-Copper
King Mining Offi ce. It
was indeed a special pleasure
to stand and extend a
warm welcome to a man
wearing a Harley Davidson
baseball hat on his head. I
smiled, introduced myself,
exchanged a fi rm handshake
and by invitation,
shared a big welcome hug
to the highest ranked Law
enforcement offi cer in our
great state, Utah’s Attorney
General, Mark L. Shurtleff.
Mr. Shurtleff originally
came to our small southern
Utah town of Milford to be
escorted on a personal guided
tour of Western Utah
Copper-Copper King Mining
Mill and operations by
my brother Mark Dotson,
President and CEO. These
two , standing almost six
and half feet tall, strong and
gentle giants immediately
‘hit it off’ due to the fact of
holding very dear to their
hearts, many of the same
values, interests, homage
and support for Beaver
County’s rich history and
mining heritage. I’m sure
neither of these busy and
fi ne gentlemen had any preconceived
ideas that a regular
guided tour, spending
just a couple hours to witness
Western Utah Copper-
CPRK’s Mill and mining
operations would culminate
into a most enjoyable, fascinating
all-day journey
together including another
CPRK President & CEO Mark Dotson with Attorney General Mark L. Shurtleff”
added personal; guided tour
while occasionally picking
up rocks and discussing our
rich mining history as they
hiked and wandered sideby-
side through the dirt and
sage brush where actual
horse and buggy made roads
used to exist at the old mining
town of Frisco, where
the wind still blows strong
and free on a daily basis.
One can only imagine the
feelings and thoughts that
were shared during this allday
intriguing adventure.
I am sure that while hiking
at Frisco and exploring
the crumbling foundations,
charcoal ovens, and
silent cemetery… history
speaks eloquently of its
rich and varied past. Special
memories were made
that day while knowledge,
laughter and inspiration
was exchanged as Mark D.
and Mark S. stood side-byside
on the same hallowed
ground reminiscing several
facts and stories regarding
many of the hardships, trials,
sacrifi ces and triumphs
made by our actual Dotson
family members and other
dedicated souls who physically
worked in the underground
mining out west as
documented in the many
historical accounts of Beaver
County’s rich mining
heritage.
According to my brother
Mark Dotson, “Mark Shurtleff
is very proud of Beaver
County and strongly supports
our rich mining history.
Owing to the fact that
Mark Shurtleff expressed
such a sincere; strong and
genuine interest and support
for Western Utah Copper
Company-CPRK’s Mill
and Mining Operations
success, employees, and
Beaver County as a whole.”
Mark Dotson was compelled
to donate one of his
most prized pictures depicting
the historic Horn Silver
Mine and Smelter Operation
during its ‘Hey Day’
in the late 1880’s.” Mr.
Shurtleff was overwhelmed
with this presentation, and
said that he would be proud
and honored to fi nd a new
home for this picture on his
wall at the Utah State Capitol
Building. Mark Dotson
requested that Tom McGinn
be given all the credit for
obtaining this very rare
picture in Beaver County’s
history. Tom’s Mother
owns the #1 print, his
brother owns #2, and Mark
Dotson owned #3. Mark
Dotson also said, “Attorney
General Mark Shurtleff is
as solid as a ROCK! He’s
100% for you, 100% for me
and also 100% supports the
success of Western Utah
Copper-CPRK’s Mining
Operations. He is behind
us all the way!” Mark Dotson
further stated , “Mark
Shurtleff is an incredible
man, he is no politician, but
cut from the very timber
that this nation was built
from, the kind that made
this a great nation. This
man deserves all the support
of all the people.”
On a personal note: Yes,
I did take pictures and I’d
like to share one with this
article, and I’d like to let
Mark Shurtleff know that
he will always be a welcomed
visitor here. Attorney
General Mark L.
Shurtleff is the highest
ranked Law Enforcement
Offi cer in the State of Utah;
absolute stellar example
of a born leader with very
dedicated work ethics. He
has extremely high family
and moral values. Mr.
Shurtleff is living his motto
as Attorney General, “The
people’s good is the highest
law.” Mark Shurtleff lives
by the old saying, “Leadership
is action, not position!”
Even better, leadership
is the right action! He
demonstrates commitment
and dedication and proudly
stands for what he believes
in. No more taxpayer funded
bailouts. No more government
owned businesses.
No more ever-expanding
federal entitlement programs.
No more slouching
toward socialism! He believes
that the power should
be returned to the people,
including power to control
our public lands and deny
access to water and grazing
and mining rights clawed
out of the wilderness by
the sweat of our ancestor’s
brow; and allow access to
only a select few. What
is more, we need access to
those lands for responsible
recreation with our families
and it can be done carefully,
so it does not harm the
scenic treasures of Utah!
I totally support Mark L.
Shurtleff in “Taking America
BACK!” I KNOW that
he is more than capable
to represent Utah in this
blessed and troubled nation
as a United States Senator.
There are a lot of places from which to draw numbers and projected expenses.
Caesars Report stated that the company expects their current cash costs per lb. of copper to be $1.10. I took that to mean Variable Costs. At 25 tons of concentrate per day, you get around 16,500 lbs of copper. 16,500 x $1.10 x 340 days = $6.2M per year.
Caesars Report also states that their fixed costs are $10M per year.
So assuming the $1.10 is variable costs, then an estimate of annual operating expenses is $16.2M per year, or $1.35M per month. And that does not account for any past due bills or interest payments on loans.
When you look at it that way, CPRK really needs to get their butts in gear and ramp up to 2 and 3 truckload shipments per day. In my mind, 1 truck per day does not cut it.
FFF
Div,
Selling restricted shares now will raise the O/S now. Those shares will not hit the float until they come off restriction. So if the O/S increases, but the float remains the same, then restricted shares were just issued.
FFF
The company sold 5M restricted shares. They won't enter the float until the restriction ends - probably in 1 year.
FFF
TT,
I agree with you that the share structure was drastically different. But the "value" of the stock is 1/3 of what it was when the pps was $.39. And now we have a working mill and some incomming revenues.
$.39 x 306,100,000 shares = $119M
$.0091 x 4,431,000,000 shares = $40M
That must have been one heck of an effective advertising campaign back then. Or we are being held artificially low in the current share price.
FFF
I agree with that! I would be quite pleased to see no more dilution.
I have been told that they are still shipping 1 truck per day and that should continue that way for a while. There are big penalties if you do not make your scheduled shipments. So it may not be wise to ship your stock pile in the event you need to rely on it to make your daily shipments.
FFF
C-up,
First of all, I was bored and just thought I would respond to a post that said that scenario would not make sense. I do not think this is happening - at least I am not aware of it happening.
Last time I checked, the company was selling 1-year restricted shares (you can't sell them for 1 year) for 20% below the previous closing day's price. You had to be an accredited investor and you needed a minimum of $25,000 to invest directly with the company.
I don't think they sell to just anyone, but I am not sure how that works. I know a couple of the board members and have met MD. And I have invested directly with the company twice - 1 year ago, and again this past March. If you are interested in finding out if they are selling more shares, and if they will sell to you, I would probably start by contacting CM and letting him know you are interested.
(EDIT - added paragraph) If selling 1 truck of cucon per day has them cash flow positive, then I doubt they will be selling any additional shares. If they are not cash flow positive and have not signed an LTF, then maybe they will be selling shares.
FFF