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The long NR out of Nevada Copper this morning is the sound of Red Kite emitting a loud, eye-rolling sigh the way long-suffering fathers put up with errant, repeat-offending sons and daughters. They know what their offspring is doing is wrong, they know there's little hope, but they also know that they are more than a little to blame for the mess created. So Red Kite don't foreclose on Guy Prettyface and throw them a few beans in order to keep the thing in order. For a price, of course.
We're now one year on from the NCU.to feasiblity study at Pumpkin Hollow. At the time of its publication NCU was a $1.90 stock and this humble corner of cyberspace put it as clearly as possible, "No amount of hype can save a marginal project". Or this post on the day of the FS publication that noted how it used U$2.85/lb copper as its "low case" to get a 10.4% IRR. How how we laughed. That's the bottom line and it's taken a year for Red Kite to join the chorus. All they can do now is keep a skeleton staff at the site (yup Yerington folks, there are layoffs on the way) and light a candle to the Market Gods in hope for $3/lb copper...$3.50/lb in fact.