Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
PW-
Adding to the rumor mill
Charles mentioned in his shareholder note that we have an "interim agreement" with an LT buyer, but will update us on a long term agreement. I have heard through the grapevine that our interim buyer does not want themselves or the terms of this contract made public.
I guess we'll see how this plays out, but I do believe we have a buyer in waiting. The reason you didn't see anything in the PR was due to their request for discretion.
VVV
To Clarify
My statement "a shout out to gold" simply meant that they are trying to build value in their previous PR's and assay results. Given the value of gold, it was something they could focus on to build further interest. I guess you could consider this a pump, but I don't.
The "shout out" part was just my youth speaking. It's just slang for "giving props", "recognizing", etc.
More confused now :)?
Wow djr...a bumps a bump. My average is .012 and I am down 80%, so don't put me into the crowd of folks who think today is something special. For every 50% fall, there's a 100% gain needed. I get it. But, any green in the stock is green in the stock. We simply need to maintain a pps that is somewhere on the monetary scale (which we aren't) until the mill gets financing. I could care less what they put out to get the attention of additional investors, but keeping the MM's and NSS at bay is priority #1. With no money and no production, any upward movement is very encouraging imo...
I wouldn't read into the gold focus too much. All I read here is that they will try to pick a copper reserve with a higher increase in gold than what they are getting out of Hidden Treasure. This is way down the road and I do not believe it implies they will make any "changes" to the mill to focus on gold instead of copper. The increases in production and soak time will produce more gold. This is simply a PR shout out to gold due to it's value. Nothing more.
M78-
Thanks for the detailed response and I couldn't agree with you more. I could tell you were getting more and more frustrated with every paragraph :)!
Here is what I believe this PR was for...shareholders. Now, I realize there wasn't anything in there we didn't already know and the pom poms need to stay idle for the time being. But, I do believe either Charles, or our collective voice, was heard and they decided to end the blackout with at least this! My hope is they are within a week of finalizing STF and LTF and this was just the precursor to those announcements. Looks like the bump in pps is holding for now...
In my mind, CPRK's inability to commit to anything is all due to financing. Every single one of your points below is answered with "when they have money". From finalizing the floatation cells, to dialing in production, to Pinksheet compliance, to cementation, it all starts with financing! I was glad to see that they at least have offers on the table. But, CPRK wanting to select the most "flexible" deal tells me these lenders aren't stupid and they are asking a pretty penny or for serious control...something Dotson doesn't want to give up.
So, the waiting game continues. How long will it be this time???
Peace,
VVV
Well, maybe he doesn't feel someone getting ousted from his job and no longer being in control of a dream he's worked his entire life for is a time to be excited. Who knows. His lack of excitement basically screamed NO LTF to me, which we basically now know from his note to us.
I am simply ecstatic that it appears the information blackout is over. Not that there is too much to report, but when there is news, it might once again be reported.
Tomorrow will be very interesting!
CopperKen,
Reasons for seconding your PR guestimate:
- Charles clearly stated in his "note" to us that he'll try his best to be back in touch within 10 days to update the LTF situation, which clearly means that is not it.
- LT buyer is "interim", that was clear, so that's not it. (I do need to eat crow here, I mentioned in a post last week I thought this deal had been done for months. I still think it is, but since Charles said "interim" I have to step back a hair from my last post).
- Mill can't operate w/o captial and we don't have LTF, so it's still down.
- Only thing left is a change in management. Charles and several others have either directly said or posted here that a change is coming. This is as rumored as anything else, so we'll see, but what else can it be? MD stays on as Chief Mining Officer???? They can't buy him out of his dream, can they?
As for your QUESTION TO ALL:
I am not sure who would be the most effective. It sounds like David McMullin would be the logical fit, but he is also supposed to be a "Senior-level executive with extensive finance and administration experience" (straight off the website). If he has been there every step of the way, he was fully aware of the accounting and financial spending issues MD has/had? He's on the BOD and heads two committee's, you think he could of put an end to these financial issues long before this result. But, if he's the right guy, then he's the right guy. But, we simply need a competent CEO who can get in there and secure LTF, lead a well oiled machine, and quit making mining decisions in lieu of business decisions!!!
Private Wealth-
Sorry, but never received an answer from Charles on questions 2-4 below.
Hey Charles,
I hope you are having a great week.
Questions:
1) Someone just posted that they talked to you, you are working on a PR, and you sounded excited. Truth or Rumor?
2) Which legal firm represents CPRK? Is there a contact name and number?
3) Which accounting firm represents CPRK? Is there a contact name and number?
4) Have you received any response on your (our) BOD request to have shareholder representation?
Have a great weekend and I look forward to hearing from you...mostly in the form of a PR :)!
Thanks,
Brian
Brian:
Yes, awaiting final approval, and NO, I DID NOT say I was excited.
CAM
Private-
I missed the 1B increase while I was in Mexico. Glad I wasn't around for the bashing of that move! But this might actually be a blessing in disquise. If they got the deal done for 1B, it might be the greatest dilution we have ever seen...???
VVV
Don't mind at all. Will send off questions right now. Will get back to you as soon as I hear.
Does he not respond to your emails?
Until Money Arrives:
The unfortunately reality is that CPRK has no money. We all know this, but it's finally set in for me. I used to believe that once we established an LT buyer, we'd just start the mill back up and we'd be good to go because we would have a profit stream. Well, my pom poms were clouding my vision. Don't get my wrong, I am still LONG and my pom poms are still by my side, but reality glasses now sit upon my nose.
IMO
The Good:
- We currently have an established LT buyer for our concentrate. The deal has been in place for months, based on the 475 tons we sent the end of 2009.
- LONGs and internal investors are keeping us afloat. MM's don't want this to go under (yet) or they would have already forced us there. No news and no profits would make this an easy collapse.
- Big boy talks have happened
The Bad
- Big boy talks have happened
- Management hasn't held up their end of the bargain
- Lawyers have recommended a PR blackout (could be bad or good in the end, but bad for now)
- STF or LTF is our only savior
- I hate to admit it, but I think Obama's right about potentially a couple billion increase in the AS/OS. There is no way someone would produce the STF/LTF needed w/o a serious cut of the profits. Only way to pay that off is a significant slice of the pie (shares). If that results in an increase to pay off the lender, but then some of the LTF goes to rebuying shares, maybe it's not so bad?
- Workers can work for free and pray for financing like the rest of us shareholders, but they can't work on good will much longer
- The fact remains that even with an LT buyer, expensive materials are needed in order to start the mill. My understanding is that the chemicals used to break down the copper ore are expensive and like anything else, there are cheaper and more expensive grades of it. So, until we can afford the higher grade chemicals to match our processing times and frequencies, we are left with lower grades of CuCon and more than likely, penalties at the smelter. And that's only if we can turn on the mill!
So, at this point, the bad looks worse than the good, but it's only 1 deal (STF or LTF) away from turning this ship back on course and putting a slow end to all the speculation, stress, and anxiety that has consumed the CPRK employees, shareholders, and anyone who truly has an interest in seeing this company prosper.
Peace,
VVV
I love the possibility, but don't get too excited.
Charles confirmed through email last week that the lawyers indeed do have a gag order on the PR even though he doesn't agree. Here is an excerpt from the Q&A:
Charles,
Even though you don't know when MD will release information,
1) Have critical meetings been held in the past week to discuss the current issues strangling CPRK?
2) Have you been a part of those meetings?
3) If there is information to report, are regulatory entities or our own lawyers forcing the blackout of information?
Brian:
Sorry for the delay in responding...
1. critical meetings have been held
2. I have not been part of those meetings but have made introduction of several participants
3. I have been told that the lawyers have in fact "suggested" the blackout..ALTHOUGH I DON'T NECESSARILY AGREE WITH IT.
I have always considered myself an unofficial voice of the shareholders, that said I am at polar opposites with management on the issue of making information available to ALL shareholders on a steady and timely basis...
Of late I have been asked to go on the BOD to facilitate that voice being heard. I'm not sure that the BOD will find that idea palpable, but I intend to continue to stand tall in the place of all shareholders and try to hold the BODs feet to the fire on what I consider to be the single most important issue
that we (shareholders) need to see meaningful movement towards,,,
CAM
I am sure they can still produce if they had to...you saw examples on the floor during the videos...but you simply can't risk the next buyer agreement by not telling them that you can meet their demands in all four seasons.
Maybe the smelter penalties aren't that bad, but the fact remains there is yet another issue with the mill that needs to be fixed to make this a 365 day operation!
If they could get a bridge loan to cover the upgrade and sign the long term buyer agreement effective spring or whenever the upgrade is complete, it seems they would be able to start becoming cash flow positive.
BTW...when I said wintertime, I wasn't necessary speaking on a calendar basis, but referring to whatever 3 months cause the moisture issues. I sure hope it dries up soon!
Can't save 'em, it's all inclusive and I am getting my monies worth :)!
I'll need a new liver, come on CPRK!!!
There was one glaring detail during Rich's videos that I haven't seen discussed, but I haven't read all the posts either.
I want to preface this with the fact that anyone who reads this board knows I am OPTIMISTIC, LONG, and haven't sold a share...
That said...
Walt mentioned very blatantly in a couple of the videos that the CuCon drying process is especially hard on production in the WINTER because of the inconsistency of the moisture content. Too moist...smelter penalties, too dry...blows all over the road as it's being shipped.
My point for bringing this up:
If you are in as much of a financial crunch as CPRK is right now and can't produce saleable concentrate in the wintertime (mill not running) to make money, you have to temporarily lay people off, cut benefits, cut every cost possible, etc. (This doesn't mean paychecks should be bounced and family dinners missed! That is completely unacceptable and I feel for our workers.)
I simply wanted to provide a little perspective (based on Rich's DD) on the mill being down, workers being laid off, etc. I believe that finding a buyer of our concentrate is proving more difficult given this MAJOR flaw in our mill. Only being viable 3 seasons a year would make current negotiations very difficult.
You say: But all we need is money to improve the wintertime drying and we'll be fine, right? True, but it's WINTERTIME and an upfront loan would have to be worked into the deal with the buyer if they were even willing to be the financier of this one issue!
Of course, this is my opinion and only based on video we can all watch. I hope I am dead wrong, but it seems to be a pretty easy couple dots to connect.
Pissed I had to write this!
VVV
I was just about to ask what Dooom and Gloom was being propagated this morning. Sounds like not much!
The MM's will let this run back up a little, so it should be quiet for a week or so. If mgmt can't get it figured out by then, who knows.
I am leaving for Mexico for 5 days to forget life and have 312 cocktails in honor of CPRK releasing PR after PR while I am gone!
Classic end of day...
...manipulation!
<sarcasm>Looking forward to another dose tomorrow!</sarcasm>
Hang in there LONGS, this is the same roller coaster we have seen many times before. It's just scarier because we are riding on 3 wheels and 39 of the 100 2x4's have cracked in the hairpin turn ahead.
But, we are now sitting on multiple days that CM, MD and Dave McMullin have been meeting and discussing next steps. Since we know the majority of the pps decline is manipulation, you have to be hopeful that the MM's simply drove down the pps to cover their shorts.
I talked to the Bill Chippas for quite some time this morning. He doesn't know the company inside and out, but said as long as they can get and hold .004 (last years close), they will be OK. He also said this was very unlikely, in his opinion, to go bankrupt given the assets they own. He thinks with commodity prices as they are, CPRK would get purchased before any bankruptcy would be filed.
His research guy had a call into Dave McMullin. Not sure if he was returning a call or what. Let's hope that a couple days from now, we get the same wave of PR's we got in September.
I don't think the ASK has come off of .0035 all day...this manipulation is masterful!
Does anyone have the NITE buys/sells for the past two days?
I couldn't agree more, but the only alternative to not believing it will eventually come is to sell my position and walk away. I am not there yet.
Arnold - there simply isn't enough volume for this to mean anything. Under 4M shares traded and this huge drop. You don't think there were would be 100M+ shares sold if this was insider dumping or something else?
This is nothing more than profit taking and the pain that comes from someone who bought under .003 and is now selling to realize the gains. This person will more than likely start buying again once they have dumped their shares to do it again. It's just painful for us longs.
I highly recommend closing down your portfolio website and this board for at least today. You'll drive yourself mad watching the past gains disappear in a few minutes.
No long here can do anything but pray that CM and MD get those PR's out immediately!
Does anyone have the number to the Bill Chippas show? It would be interesting to see if they have been contacted last week or today about the radio show CAM mentioned in my last post!
IT'S THIN...BUT IT'S COMING
Just received this email from Charles. I know it's thin, but why would he answer the way he did if there wasn't anything to discuss. Why would he not just say, "my meetings last Thursday were not PR related and I don't have any information on the subject."
----------------------------------------------
1/28/2010
We're all hopeful that I connected the dots successfully and you, MD, and Dave McMullin are meeting to provide the shareholders the necessary details to blow the roof off this investment. We all realize there are major hurdles that still need to be overcome.
Ally called and CandyB confirmed that the Sheriff's sale was canceled! We are all very pleased to hear this was the case and that our lien holders chose not to exercise their right.
Can you provide any information about if and when we will receive an official PR from CPRK?
An IR specific question:
Assuming a company has lots of great information to release to their shareholders, from your experience, what is the best way to release that information in order to build the most valuable and long lasting effect on pps? Now, take that example and apply it to CPRK.
I hope you had a very productive day of meetings. Did you fly to Utah or do it remote?
2/1/2010
Brian:
We will release the info, via mainstream media outlets, post it on the website and follow-up with radio show interviews..
CAM
Charles Prediction 1, Doom and Gloom 0
RDG/Webtime/djr - I officially prescribe 1 day off your heart attack medicine and take this...1 dose of relief and a smile! I am not kidding. All that negative energy is really going to be bad for your health. However, sugar coating the facts aren't good for us optimists either!
Here is the fact: The Sheriff's Sale has been canceled!
I don't care who you are, you have to be happy about that. Now, back to business and the fundamental issues that are handcuffing this company from making it. We all know what they are, let's just hope this is the start of working through them without relapse!!
RDG - I think we should start a sticky called "Speculated Issues". If you don't mind starting it yourself, you are probably the most qualified given you have more than likely read more posts than anyone else here. Once the list is posted, we can tweak it be a board approved list.
Point - To be able to look at one sticky and know what the board's current understanding of the issues at hand are.
Hope - To be able to check off each issue and slowly watch our investment become a reality!
PS. I am down to 2 posts, so if anyone responds, I might have to get back to you tomorrow, ANOTHER GREEN DAY!!!
Ally, thank you very much!! You shed a ray of light on a cold snowy day in Colorado!!
Oh come on group...
I don't even have to read the newer message before replying here. If you haven't been to the mine, you don't understand the time and effort involved in getting there. I am sure Rich has a job he can't exactly afford to lose given our investment here, so cut him a break!
He said he'd report later and that's what it will be. And to ask if it was positive or negative... If that's not the most loaded possible question right now...!
I am just as anxious as everyone to find out, but don't belittle Rich for having a job and not exactly fulfilling what you feel is his civic duty to this board to post the second he leaves the mill.
The great news is we know our soldier returned home and he's willing to share his battle stories with us.
When you are ready Rich, we're all ears!!!
Come on baby, steady, steady...
The fact is no one here is selling at a 50-70% loss, right? We are still in the same place as yesterday, last week, last month, etc! No information, all speculation!
But, the fact at hand is that we are in the green for another consecutive day! We all agree that slow and steady without MM manipulation is preferred. When the pps steadies, we'll just keep making history and adding to our consecutive green streak!!!
VVV & Richard the Realtor
empire - there are some who have doubled their money off the bottom shares they bought. To sell a few right now would make some investors feel good. At the rate this shot up on low volume, it doesn't take much to bring it down a tick.
I believe the key will be to see how steady it gets from here on out. If we can even hold .0045, that would be a huge win heading into tomorrow.
I agree with Yanik, how could 1.4M possible bring this down? Why would they have invested in new equipment to only let it be sold? Why would they have an offsite meeting with the big wigs? And why would CAM be invited if he is shut out on a daily basis?
To all investors: I DON'T CARE HOW MUCH YOU FEEL THE COMPANY HAS BETRAYED YOU...YOU BETTER BE PRAYING ALONG WITH US OPTIMISTS THAT THIS IS THE TIME, BECAUSE THERE JUST ISN'T TIME FOR IT NOT TO BE!!
Come on people, put all the positive energy out there possible!!
Netflix is up $10/share as well, what a morning!
Couldn't agree more...
This just better not be some BS naked shorters dream of running this up as high as possible because they know the end is here...
SORRY SORRY...I DIDN'T JUST SAY THAT!!!
Come on VVV, you know better...
CPRK is finally coming in!!!
Once again, who has any ideas on who the buyers are? And why would they all of a sudden start buying when the Ask is through the roof. I obviously don't understand pps movement (but am crapping my pants w/ excitement) but this is going to blow past .005 on this pace with below average volume.
Does it even matter who the buyers are as long as people aren't selling?
Bid up 3 ticks...very interesting.
Jimmy-
Charles is in meetings all day today and back in the office tomorrow, but delayed. His message says he'll be back in touch over the weekend.
I think something big is going down with this pop in the pps.
VVV
What's going on here? Volume isn't pushing this up...are the MM's back at work or shorters dumping at any price? Doesn't make sense.
Ask @ .0045!
Yeppers!!
FFF, stay in town, it looks like the heads of state are getting together for something big or something none of us want to hear. Be a fly on the wall...pretty please!
VVV
Just emailed Charles my disappointment in the mill being down. This is the auto response I received:
I am out of the office at meetings and will return on Friday
1/29...DELAYED RETURN..I WILL GET TO ALL EMAILS OVER THE WEEKEND
CAM, MD, and Dave McMullin are all out of the office tomorrow...we're either going down or they are preparing for an onslaught of news!
Speculate away!
Don't forget everyone, MSHA was there today. Who knows what they were checking out or why the mill was down. However, from the sound of it, it doesn't sound like it was down for a simply inspection.
Rich - look forward to your post when you get a chance. Thanks for taking the time to visit the mill and at least provide us with a little insight into what's current, good or not.
I keep waiting for Obama to say...
NOW IS THE TIME FOR COPPER...I HAVE JUST THE START UP EVERYONE NEEDS TO INVEST IN!
Webtime-
This is just an iHub rumor that MD's sister started by directly saying it in my ear. It has no backing and no substance.
It was simply used to counter the post that claimed the mine was worth less than 19M, stating that's why none of the "big boys" have snatched it up.
VVV
Nope Sleep 2008. Only time I've been to Milford. Actually this was the trip that convinced me to invest :). Wish it would have been a year later.
What time was the mill tour today...9:30?