I did not mean to suggest a misquote. I should have elaborated. My appologies. I wanted to focus on the part about an alternative to a spinout which suggests that UEX is in discussion with someone about some form of alternative to spin out. But then, Roger has a tendency to drop hints that leave everyone guessing such as his talk of holes that were never tested. The language was vague and cofusing until such time that he raised funds for drilling West Bear.
In previous presentations, UEX suggested 4 or 5 options other than spin-out. I'm not sure that any of the other previously identified options would be suitable unless he got a really good price for shareholders who funded UEX and CoEX while waiting patiently. I certainly doubt that any investors are interested in hearing about a royalty deal. I know that I'm not.
Current UEX investors want shares in CoEX or a really good up-front cash settlement. Frankly, until we know exactly how much Cobalt there is at West Bear, I can't see us agreeing to any cash settlement or any deal at this time. It is too early. The recent deliberate dragging down of UEX share price may suggest that some buyer has a low price in mind. As a shareholder, I don't like such games and don't like to reward those involved by letting it influence the price for which I am willing to sell my assets. In fact it makes want to wait longer for a much higher price.
Any selling price would have to be really good for me to accept a CASH settlement. Uranium and Cobalt are both poised for a massive run-up in price. If the price of Cobalt should rise by anywhere near the 700% suggested by Casey Research, the shares of CoEX would go up by multiples of that 700%.
Currently, the price of Cobalt per pound is $15.00. Recently it was at par with Uranium and may soon be there again. And, we must remember that West Bear Cobalt is ETHICAL in a very MINING FRIENDLY district with nearby infrastructure while being amenable to OPEN PIT MINING . It does not get much better than that. This makes West Bear Cobalt more valuable than other Cobalt discoveries. I can wait for the spinout until after UEX goes up in value based on the Uranium Market. That way, it will be cheaper for us to fund more exploration if we need it.
We could have done better had management focused first on assaying the Sonic holes before spending funds for the West Bear drill program - but I don't want to digress too far in this post. My point is that management, by delaying the sonic assays until AFTER raising money for drilling of 120 holes, has already screwed investors out of some gains. It is time to make that up. We should not be in a hurry to settle for a measly gain. It needs to be BIG or NO DEAL.
Let's wait until the game of musical chairs begins before we are ready to let anyone sit down.
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