[posting]36616929[/posting]
.....nachfolg. die entspr. NEWS........
Redcorp has "serious concerns" about finishing TC mine
2009-02-17 17:26 ET - News Release
Mr. Terence Chandler reports
REDCORP VENTURES LTD.: TULSEQUAH CHIEF MINE PROJECT DEVELOPMENT SUSPENSION CONTINUES
Redcorp Ventures Ltd. and its wholly owned subsidiary, Redfern Resources Ltd. ("Redfern"), construction activities at the Tulsequah Chief mine will remain suspended until further notice because of uncertainty related to the costs required to complete the development of the project.
On Dec. 2, 2008, Stockwatch reported that Redfern and Redcorp announced the appointment of Global Project Management Corp. to head the Tulsequah Chief mine project development. As part of its mandate Global Project Management initiated a project execution plan to, among other things, review and update capital expenditure and schedule estimates. Global Project Management has concluded that the estimated costs to complete the construction of the Tulsequah Chief mine are significantly higher and the construction period will be longer than estimated by Wardrop Engineering Inc. in 2008.
In June, 2008, Wardrop prepared an updated preproduction capital cost estimate for the Tulsequah Chief mine development of a total gross cost of $332-million (total net costs of $297.1-million after deducting anticipated capital leasing credits of $34.9-million). A contingency of $16.9-million was included as part of total costs.
Global Project Management's review of Wardrop's previous estimate has extended the completion date of the mine to August, 2010, and forecasts that total gross capital costs could exceed $500-million. An independent third party review of Global Project Management's assessment indicates potential savings could reduce this amount to approximately $430-million (including anticipated capital leasing credits of $35-million) on the assumption certain efficiencies can be achieved. As of Dec. 31, 2008, estimated expenditures of $170.8-million have been recorded, before capitalized interest. These expenditures have been used to establish a connected network of 15 kilometres of roads at the mine site, construct an airstrip and temporary camp infrastructure, and also to purchase key long-lead-time equipment including diesel power generating plant, rod, regrind and ball mills, river tugs, and tow vehicles.
The lengthening of the development schedule, increased capital costs, current commodity prices and the limitations on the company's ability to access sources of additional financing raise serious concerns about the development of the Tulsequah Chief mine by the company without strategic partners. As a result, Redcorp is proposing to engage in discussions with its financing partners to evaluate strategic opportunities, including alternative development strategies.
We seek Safe Harbor.
......nichtsdestotrotz bleiben die guten resultate des projekts
bestehen und dürften ein vielfaches an wert repres. als die akt.
MK von mal grad cad mios. 4,-..........vom wert der andren proj. will ich
erst gar nicht anfangen zu sprechen
