NOTE TO SHAREHOLDERS
August 17, 2010
Dear shareholders:
I realize that I have not been in touch for a while and I want to give you an update
on what has transpired since my last note…..
1. As most of you know, the bankruptcy court venue has been moved to Utah
2. We filed a motion with the court to borrow approx. $300,000 of emergency funding and this was approved
3. The funding has gone to maintenance, power, security, technical assistance and evaluation of the Mill and copper resources
4. The Mill was in better than expected shape
5. John Bryan, Dave McMullin and CAM have participated in several of
the CRPKSA conference calls and wish to be supportive of that group
6. John Bryan has met with Mark Dotson and several of the 1st Tier lenders
7. A major DIP (Debtor in Possession) loan is going to be submitted which will add to the value of the estate
8. Plan of Reorganization (POR) is being developed
9. Our next major date before the court is September 8th and we will petition
for our DIP financing to be accepted
10 We are working with Tetra Tek on engineering and starting up the Mill so that
its value can be further realized when we return to production
11 We have our first informal offer to fund a POR ! We feel this is a major step
because getting more offers will be easier after the first is received
12 We believe that the business can be cash-flow positive within 12 months of
our POR takes effect.
All in all, thing continue to move forward, and we are very hopeful that we are acting in the best interests of ALL stakeholders. There will be another conference call in the near future to take your questions. In the meantime, you can still email me at CAM@Copperkingmining.com
It is also my intention (also in the near future) to go back on the Bill Chippass show and do a complete update.
Respectfully,
Charles
