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Are you sure that's not your April Fools joke on us? j/k
Thanks for updating us!
I assume since we have not heard from JIT, Walt is not responding to mill visit requests at this time. But that makes sense. Why would they incur the expense of performing a mill visit when they have laid off most employees.
Every step so far by management has been typical of a "real" management team. A huge change from what we had, but nothing to write home about. Their legacy will be measured in the next month or so as mining operations are set to recommence. If no additional mill shutdowns are necessary before CFP, they will be put on a pedestal, but if this doesn't make it, they will be burned worst than MD...imo.
If you're listening Charles, please give every single investors positive energy to management and consultants for the immediate, successful completion of the issues that ail us!!
I am confused:
I read the majority of the document PW pointed us to on the OGM website. I have not read through all the posts, so I am sorry if I am asking past questions.
Questions:
- Did the past operation that produced the 475 lbs of CuCon not have tailings? Was there not waste water from this process?
- Have we constructed a tailings pond or not?
- Do we need to submit this long of a report every time we "recommence operations"?
- Did we recommence w/o authorization?
- What specific issue brought down the mill?
Any clarification would really help. Thanks in advance!
VVV
The cost of the world class engineers is the problem. Plus, we also removed our last mine engineer and replaced him with our new one. For 3 months, our new guy had the opportunity to evaluate and make changes. I am sure we are much closer to the end goal with these installed improvements, but I am still concerned about how long we can be shut down. We at least need to continue producing Mag during these shutdowns.
The one thing I am holding out on right now is that this new management team would not have taken over the company if they did not feel they could make it happen. These guys are experienced successful business men and I hope like hell they have the answers.
Eye-
Do you believe that CPRK has money in hand? To announce the shutdown and inevitably drop the stock price without dilution must signify they have enough money to get through this down period. That, or they will raise money through shares at a lower price.
I agree with you that this PR speaks volumes for the new management; I just wish the wording was different. I love the fact that they got out in front of this, but only if they can get it fixed and operating in quick fashion.
I sure hope Mr. Southward has deep pockets and can keep this rolling in the short term.
Damn, why does this process have to be so hard...
VVV
All we can hope for is that Marcus Southward believes in himself, what CPRK has accomplished, and how close they are to producing a saleable product. If all this aligns, then maybe Marcus's investment company lends the much needed money to keep this operation afloat. Because if not, Ally's calls to the TA are not going to be pleasant.
My fear is that they have 45-60 days to get this fixed or we are all...
Does today's PR change your visit date?
I hope not as it would be great to have someone get first hand information on what needs to be done to bring the mill up to CFP standards. Also, understanding if they have any plans to separate the Mag and CuCon processing to establish revenue generation during downtimes.
However, I understand why you wouldn't want to spend that much time and energy visiting a down mill again.
Hey JIT,
Do you have a date for your next mill visit?
Have you spoken to Rich? He was also planning a trip once we got word that the mill was restarted.
I hope to get out there soon, but don't think before June is in the cards.
Peace,
VVV
Hey cb, I really appreciate the insight you have shared with us.
Is there any way you can comment on the size of the pile of CuCon and if trucks are hauling it to the smelter?
Anyt DD we can gain from the ground will allow investors, who live closer to the mill, a chance to plan tours and see the progress. The only problem is knowing when you'll actually see progress vs. delays.
Thanks again for all you have done for this board copper!
VVV
I just received an out of office reply from Charles when I sent this email. So, maybe my 3:42EST email on Wednesday coincided with his PTO???
Has the Board of Directors changed?
Has anyone heard from Charles in the past couple days? I sent these questions mid week and haven't heard back.
Questions:
1) Do you have a date or thought on when the next PR will come out?
2) What will our next PR cover? Most are hoping that it's an update to the output of the mill, tons per day being produced, number of shipments made, and revenue generated.
3) Will you be given more "freedom" under new Marcus's leadership? If so, can you take a short minute and provide some details on the differences you see moving forward compared to the processes that existed under past management.
4) With the management changes going into effect recently, do we have a new BOD or did the same players stay put?
Post 61120 has the screen shot.
I finally paid attention to the upload screen and what the two links meant off to the right. Thanks for providing another way.
I took a screen capture of the document, but I can't remember how to attach a file. Can FREE accounts do it?
It's not earth shattering, but it's proof.
That link should take you right to the PDF and built in security should pop up the dialog box for you enter the User/Pass.
Try Mozilla Firefox, Internet Explorer 8 is junk.
I would love to get my money out of this and move on, but given the current state of the PPS, when we hit .01 again there will be a reason. I don't see us hitting .01 until we offically become a real company. And if that's what it will take to see a penny again...
...WHY ON EARTH WOULD YOU SELL THEN??????
Click the link and then on this:
(RED X) Continue to this website (not recommended).
Just because Microsoft doesn't think you should, doesn't make it a bad site. I went and read the document a second ago.
And, watch your typing. I am not one for LOL, OMG, etc but I could easily see why people would transpose the OGM to OMG.
ogmguest
ogmguest
Good point. And I didn't forget our "cash cow" but didn't mention it since we do have to pay off Massey first, as you mentioned. With the mill down, there was no way of telling how much of that debt we paid when the mill was up. I don't know when that loan was put in place, but we might not see revenue from Mag for at least a year if we have to fulfill 75K/year.
Do you know when the Massey money came in?
This was just a simple calculation to prove the value of what CuCon we have sold and that it was in the million range. But, the document aorin pointed us to is much better support.
Wow Nate, you're in some battles today buddy!
To support your cause:
475 tons x $2200/ton = $1,045,000
This is $1M, not millions, and only represents what we sent to our new interim buyer at the end of 2009.
This does not include any CuCon shipped to RBS Sempra before that deal fell apart, so I am not including any speculation from that deal. But, I believe there was a little revenue generated there as well.
For as much as I don't have an audited financial statement to support this, NEITHER DO ANY OF THE DETRACTORS!!
So, I would recommend believing in the wonderful Candy B as well as your own DD and move forward.
Hope this helps Nate!
VVV
Lucky1 - Thanks for the numbers.
I agree with you that employee counts are way down, due to the shutdown, and would be significantly below 2009 numbers. But, we have no clue what employee counts "need to be" to correctly operate CPRK on a 24/7 basis, both in a "soft start" and full production.
However, with a new mill engineer in place, new management in place, and a new business philosophy in place, "ramping" up employee count, from shutdown lows, should be easier as it will be inline with need compared to evaluating and laying off overhead. (MD was obviously pushing pretty hard to get things done in the third quarter, almost doubling his Plant employees.)
Also, you are comparing high counts to low counts on Strip, Quarry, Open Pit instead of looking at the pullback. It seems MD was expecting the 2nd quarter to truly be the "Grand Opening".
I don't know about the April 9th date either. The more the "LONGS" throw out dates and gripe about missed expectations, the more the lurkers, shorters, etc can easily determine the correct timing for attacking the PPS. I realize CPRK is the only one who can rectify the information flow, but until that happens, we will continue to beat up our own investment w/o knowing it and provide fuel for the roller coaster.
Peace,
VVV
Does anyone know how a smelter contract works?
Point Being:
- All contributors would like more information specific to production and potential revenue numbers to baseline CPRK.
- Most would agree that we have enough information to believe that ore has been crushed, the mill has been restarted, and the mill is performing up to expectations.
- So, the next step would be to track the workflow once it leaves the plant. The fastest way to get the truth is from a 3rd party, doing direct work for CPRK, but one that has no stake in the game.
Next Steps:
- Does anyone know what trucking company CPRK used to haul the 475 tons to Hayden, AZ? If so, let's call them and find out if CPRK has reengaged them to haul current shipments.
- It's been stated several times that Asarco is the smelter. It's in Hayden, AZ. Does anyone live in or around Tucson? If so, would you mind making some calls into Asarco to see if we can determine if CPRK CuCon is being processed? Or, even better, personally inquire. Eye to eye always works better :). I realize this would go through the buyer, which has been kept anonymous, but maybe the buyer is Asarco. They are a mine and who knows, maybe their goal is to increase copper to the market whether they are mining it all or not.
If we can find out anything along the lines of those two items, I think we could extrapolate numbers much closer to the true short term output of what CPRK is producing.
But, hopefully CAM does read this board and will quickly make this post moot with a PR stating production and estimated revenue :)!
Thoughts?
VVV
CK-
Where in this statement did anyone from CPRK leave reason to doubt the upgrades and production from those upgrades?
...CM & Dave both said that some things at the mill were meeting expectations and some were exceeding expectations.
Empire-
I agree with you that management has dropped the ball in the past. But, removing all of MD's hats was a called for move by many investors for a long time. You have to applaud that move as a long time shareholder who is more than disappointed with year over year performance.
I know it's tough, but if you can wipe the slate clean and give this new regime time to clean up past messes, I think you'll be happier in the end. I would fully expect you to extend only a short leash and hold them accountable as this is the new jargon being used.
LTF - We have all heard about the 100M deal that has been in the works and close for years. You have to forget this was ever discussed since this was MD. It might happen soon, but I can only assume it wouldn't be the same package, etc, etc. The clock on LTF started March 17th.
Transparency - We just hired a CFO, that is an accountant, to go through the books, clean them up, and fully audit the current stance of the company. Once again, any past talk about how long it will take CPRK to become transparent has a starting date of March 17th, with a 2 week to 2 month timeframe. The carrot that was dangled out there by our initial filing with PinkSheets is a definite thorn in the side of new management, but should still be attributed to MD's reign.
Mill Output - Now this is one that you can hold current management to past management in a few ways as you know this was MD's final push to get the mill fully operational at correct levels. They have stated that the short term results are very promising and even exceeding expectations in some areas. These are new management comments that will haunt them if they aren't true.
I know it's tough to watch the PPS get shelled like this, but you have to believe that with any slight ray of light these shorters see, they are going to expose it. I mean, it's not real hard for experienced shorters to see the amount of volume and based on short term information, determine when buying periods will be low compared to buying on information. Crap, I have never flipped one share of this and I was certain there would be a big drop this morning as the Thursday & Tuesday radio shows and PR setup a gap in information. However, I still think more investors will be drawn to this and support will be had in the mid to high 4's as long as there isn't any further selling by the company.
Stay strong Empire!
VVV
Hey Ally,
Do you call the TA on Thursday's in order to establish a consistent reporting structure for iBox? I assume the TA can give you up to date information daily, right?
Today's drop is unfortunately similar to past times when, well...I won't say it, but you know what I mean. I sure hope they have things in line enough to get advanced payment on enough CuCon to stave off any further (you know).
VVV
True, I think your pom poms are in your eyes :)
http://www.billchippasshow.com/
Very first thing on the site under the title:
Tuesday March 23, 2010 Audio of CopperKing Interview CPRK :Part 1 Part 2 Part 3
Start at 8:40 of Part 2. The interview continues through Part 3.
Enjoy!
FFF-
Can you confirm whether the gold and silver is built into the CuCon price? I get confused on what exactly is included and what will be picked up in the tailings and through cementation.
Right now, I am assuming all metal recovery would be in the $2200/ton price for CuCon, but I was hoping that was short the additional metal values.
VVV
Cool, thanks. I'll update.
So, in simply math, I am calculating yearly revenue of $16.352M
Revenue:
CuCon - 25 tons/day x 320 days x $2200/ton = $17.6M/yr
Mag - 900 tons/day x 237 days (320-(83 days for Massey contract)) x $40/ton = $8.352M/year
Expenses:
800K/mo x 12 = $9.6M/yr
Profit:
Year 1 = $17.6M + $8.352M - $9.6M = $16.352M/yr
PPS:
Year 1 = $16.352M / 5.6B = .0029 x 10 times earnings = .029
Hypothetical PPS (assuming 1B share buy back):
$16.352M / 4.6B = .00355 x 10 times earnings = .0355
It looks like straight numbers from Charles mouth (minus a potential increase in Mag) are shy of the high end of his .03-.06 pps prediction. Now, this of course would be based on a 10x multiplier, not some astromonical number that we could see with fluctuation. But, these should be pretty close in a steady market with a company traded on profit numbers.
Thoughts / Corrections?
Why doesn't the IBox show the stock structure anymore? What is the O/S A/S?
What was the price per ton of Magnetite?
www.billchippasshow.com
Part 2 - scroll forward to 8:40
Bill Chippas Show Audio up on website
Sorry, don't have L2, just looking at the blocks in TDAmeritrade. Thanks for the update and I agree, burn in hell shorties!
Yeah, someone is selling pretty large quantities??? If it's not dilution, what can it be? I guess it could be one flipper...it's really not that many shares compared to outstanding.
Just posted on the chat section of the live stream...
11:49 Stangftl: Apparently, the stream has maxxed-out. I've spoken with the producer, and he was a little shocked at the response. This should be available from the uStream archivs shortly...
You wouldn't think 220+ listeners would overload their servers???? Ustream rocks! Anyone know their ticker?
At work, streamers allowed, but this one isn't working. We run on a DS3, so I am usually able to stream anything.
220ish trying to listen in...
We'll need notes from someone. My feed won't connect. Reloaded, no dice.