Hi B402-- Rel coveres it pretty good. Dwek still has an option for aprox.. another 4 mill.
Also further on the JV with THR, it is impoprtant to remember that THR is the operator. We are waiting for the Scoping study to be announced and to see what option THR will take. To me right now it looks like they may mine it?? From THR web site, the deal with CGP.
Background
The Little Deer copper property, which is located approximately 10 km north of Springdale in north-central Newfoundland, consists of 276 mineral claims (65.3 km²) in four separate mineral licences. Three of the licences (44 mineral claims) in the eastern part of the property (the Little Deer, Duck Pond and East Licences) are subject to an option agreement with Weyburn Investments Limited (“Weyburn”) whereunder Thundermin and Cornerstone have the option to earn a 100% interest in the three licences by fulfilling certain work commitments and making certain payments in cash and/or shares over a four year period. All work commitments have been exceeded and all payments have been made to keep the option in good standing until July 12, 2011. In order to fully exercise the option on the Weyburn portion of the property, Thundermin and Cornerstone must make a minimum payment in cash and/ or shares to Weyburn of at least $1.5 million by July 12, 2011. The remainder of the Little Deer property (Licence 12196M - 232 claims), which covers the past-producing Whalesback mine, the Timber Pond zinc prospect, the Mine Brook gold prospect and a 165 m wide sliver of property between the Duck Pond and Little Deer Licences, which covers part of the Little Deer Copper Deposit, is jointly owned by Thundermin and Cornerstone.
The Little Deer Licence is subject to a 2.0% net smelter returns (“NSR”) royalty, 1.0% of which can be repurchased for $1,000,000. The Duck Pond Licence is subject to a 3.0% NSR royalty. The East Licence is subject to a 1.5% NSR royalty, 0.75% of which can be repurchased for $1,000,000. Licence 12196M is subject to a 2.0% NSR, 0.5% of which can be repurchased for $1,000,000.
Thundermin, under its joint venture agreement with Cornerstone, has the right to increase its interest in the Little Deer property to 75% by completing a feasibility study and by arranging 100% of the necessary bank financing required to place the property into commercial production
It is also very important to remember one important thing (well I do any way) it all depends on the drill and nothing else, all the talk about, samples,being next to so and so means very little, and this deposit looks like such and such deposit. All of those things has to be taken with a grain of salt, it is a starting point only to help in the drilling.
So that is another reason why CGP SP is down they also don,t have any thing at this point in time, nothing to tie a dollar figure to.
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