Poison Pill stuff happening over at Augusta (Symbol:AZC) who have a JV with Korean Group but off-take agreement may be tough to swallow re shareholder upside but you never know.  Can't figure out any other reason for fall from heady days $5.00 plus Gotta review that next as stock has fallen way down but stil has high market cap. for end game shareholders.

Fundamental Data - AZC
Security Type Equity
Shares Issued 144,345,396
Market Cap 360,863,000
Year High 3.06
Year Low 1.52
Annual Earnings/Share -0.07 CAD
P/E Ratio -35.71
T:AZC Depth by Price @15:18:13
Bid   Ask
Price 2.49 2.50 2.51 2.52 2.53   2.56 2.57 2.58 2.59 2.60
Size 300 4,200 1,200 200 600   600 200 2,900 2,600 2,700
Orders 3 4 8 2 2   6 2 4 3 6
News Bulletins
Date ET Sym Company Price Type Headline
2013-05-01 12:14 AZC Augusta Resource Corp (2) 2.49 News Release Augusta gets TSX approval for poison pill
2013-04-19 08:33 AZC Augusta Resource Corp (2) 2.38 News Release Augusta enacts poison pill, advance-notice policy

 

http://www.northernminer.com/news/florence-prefeasibility-lifts-curis-to-52-week-high/1002070064/

Florence prefeasibility lifts Curis to 52-week high  2013-02-13

Fundamental Data - CUV
Security Type Equity
Shares Issued 56,307,142
Market Cap 45,046,000
Year High 1.29
Year Low 0.345
Annual Earnings/Share -0.29 CAD
P/E Ratio -2.76
T:CUV Depth by Price @11:25:06
Bid   Ask
Price 0.67 0.68 0.70 0.72 0.73   0.80 0.85 0.89 0.90 0.94
Size 17,000 2,000 2,000 5,000 2,000   1,500 2,500 2,000 9,000 4,000
Orders 1 1 1 1 1   1 1 1 1 1

 

VANCOUVER – Curis Resources (CUV-T) managed to buck two of the mining sector's most persistent problems – creeping capital costs and rising operating expenses – with a prefeasibility study for its Florence copper project in Arizona that lowers initial costs by 18% and predicts anoperation able to produce copper for just US$0.79 per lb. over its 25-year lifespan.

Curis completed a preliminary economic assessment (PEA) of Florence in late 2010, shortly after acquiring the project. For that study, the company relied primarily on historic data. Two years and a whack of work later, Curis has a new economic study based on contemporary costs and estimates – and the project is stronger for it.

"After rethinking the mine plan and doing extensive work on metallurgy and bringing all the capital and operating costs up to current levels, we've come out with a project that is even more financially viable," said Michael McPhie, Curis president and CEO, in an interview. "At a time when the market has been seeing mining project after mining project come out with significantly inflated capital and operating costs, we've been able to deliver something that's even more prospective than what we presented two years ago. That's a very gratifying thing."

Florence, 70 miles northwest of Tuscan in central Arizona, is home to a near-surface porphyry copper deposit. Much of the deposit is oxidized, which means the copper it contains is amenable to in-situ recovery.

BHP Billiton (BHP-N, BLT-L) knew this. In the late 1990s the major took Florence to prefeasibility as an in-situ operation, even developing a pilot-scale set of injection and recovery wells. BHP also acquired full production permits, but a turn in the markets prompted the company to shelve and eventually sell the project.

In the two-plus years since Curis acquired Florence the company has amended and updated those operational permits while also expanding the resource and reassessing the economics.

Its efforts are starting to pay off. The new Florence prefeasibility study outlines a project with robust economics and the news lifted CUV shares to a 52-week high of $1.21. In the last month keen investors have boosted Curis' share price more than 70%.

The study was based on Florence's probable mineral reserve, which totals 308.4 million tonnes grading 0.358% copper. It is enough to support a mine producing 55 million lbs. of copper cathode per year for six years and then 85 million lbs. a year for the another 15 years, before output declines in the final four years.

Over its total 25-year lifespan the planned mine at Florence should be able to produce a pound of copper for US$0.79; total production costs come in at US$1.09 per lb. when royalty payments and reclamation costs are included.

At Florence it is not just production that is well-priced: development costs are also very reasonable, with initial capital costs estimated at US$196 million. That's 18% less than was predicted in the PEA.

The prefeasibility offers another significant improvement over the PEA from 2010. As mentioned, Curis completed the PEA within its first year at Florence and primarily used old BHP data. Since it was outdated data from another party, McPhie says they used very conservative numbers.

One of those very conservative numbers was an average copper recovery of just 49%. BHP's testwork showed in-situ leaching recovered 49 to 70% of the copper in the rocks at Florence; conservative Curis used the lowest number for its PEA. Since then the company has conducted extensive testwork of its own, which supports an average recovery of 70%. That change alone provided a healthy boost to Florence's economics.

At a copper price of US$2.75 per lb. and a 7.5% discount rate, Florence carries a pre-tax net present value (NPV) of US$748 million and is expected to generate a 38% internal rate of return (IRR). That would enable Curis to repay the mine's capital costs in 2.4 years.

Boosting the copper price to US$3 per lb. raises the pretax NPV to US$875 million and increases the IRR to 41%.

The mine would be developed in two stages. In the first stage, Curis plans to build what it calls a production test facility. This pilot project will involve 24 injection and recovery wells as well as a full-scale solvent extraction-electrowinning (SXEW) plant.

Curis is fully funded to build this $32-million test facility and is keen to break ground soon. It awaits just one permit, which is known as a Class 3 Underground Injection Control permit and comes from the Environmental Protection Agency.

"The project actually received this permit already, in the late 1990s," said McPhie. "We've been working on it for quite a while and we believe all the technical issues have been addressed. At this point we're certainly confident in the outcome and are hoping it will be here pretty soon – these things always take a bit of time."

The test facility is important for two reasons. First, it will enable Curis to refine and optimize its processing techniques, which will give the company greater confidence in how to build the full-scale facility and give the markets greater confidence that the process works.

Second, McPhie is hoping the test facility will demonstrate to residents of the nearby town – where opinions on the project are divided – that in-situ mines are clean, low-impact operations.

"You throw the word 'mine' around and people can often have a very specific and very emotive reaction," he said. "I'm very sensitive to folks who have questions and want answers. It's fair that they're requesting that of us. So with this phase one production facility the plan is to have a very open-door policy, because we believe we're providing an opportunity for folks to really get familiar and comfortable with what this is all about."

Getting the locals comfortable with the idea of a mine at Florence is important. For the first nine years the mine would operate exclusively on land controlled by the Arizona State Land Department, where Curis already has permission to operate. In year ten the operation will expand onto land that Curis owns, but where it needs approval from the town to operate.

It has yet to gain that approval, but McPhie is hopeful that local support will start building soon.

"Someone said to me the other day, 'You should build a model of the mine so people can understand how it will work,'" McPhie continued. "I said, 'Actually, I am building one – a $32-million model. Fortunately for us, this model also produces some copper.'"

Provided it receives the final permit, Curis aims to build the test facility in the coming months and produce its first copper before the end of the year. Long lead-time items are already on order. The subsequent expansion to full scale would boost the number of wells at Florence from 24 to roughly 250 and the company hopes to achieve commercial production by 2016.

On news of the prefeasibility study Curis gained 6¢ to reach $1.21, a new 52-week high. In August Curis share were trading for less than 40¢. The company has 56 million shares outstanding.

News Bulletins
Date ET Sym Company Price Type Headline
2013-04-19 08:39 CUV Curis Resources Ltd 0.75 News Release Curis wins motion to dismiss suit re aquifer permits
2013-04-02 08:50 CUV Curis Resources Ltd 0.78 News Release Curis appreciates Florence's sulphuric acid ban lift
2013-03-26 08:35 CUV Curis Resources Ltd 0.75 News Release Curis Resources to file Florence PFS March 28
2013-03-06 19:31 CUV Curis Resources Ltd 0.83 News Release Curis land sought by Florence for waste water plant
2013-02-13 09:05 CUV Curis Resources Ltd 1.21 News Release Curis estimates $748-million (U.S.) Florence pretax NPV

Curis wins motion to dismiss suit re aquifer permits

2013-04-19 08:39 ET - News Release

Mr. Michael McPhie reports

SUPERIOR COURT OF ARIZONA GRANTS MOTION TO DISMISS LAWSUIT

The lawsuit brought forward by certain parties against Curis Resources Ltd. and the Arizona Department of Environmental Quality (ADEQ) challenging the validity of regulations governing individual aquifer protection permits (APPs) has been dismissed. The ruling, authored by Judge Arthur T. Anderson of the Maricopa County Superior Court in Arizona, dismisses the case with prejudice, effectively acting as a judgment on the merits in favour of Curis and ADEQ.

"We are pleased with the decision to dismiss what we believe to be a frivolous and ill-advised lawsuit brought forward on very questionable grounds," commented Rita Maguire, senior legal and government affairs adviser to the chief executive officer and board of directors of Curis. "The review process for the permit for phase 1 operations of the Florence copper project is both exhaustive and inclusive. The APP regulations ensure the safety of the public and the environment, and guarantee public involvement in the permitting process."

"The dismissal validates the authority and integrity of the environmental review process for Aquifer protection permits in Arizona," stated Dan Johnson, vice-president, environment and technical services and general manager with Curis in Arizona. "Both ADEQ and the United States Environmental Protection Agency have extensive experience in protecting groundwater through the permitting process, and Curis will continue to work with both agencies to ensure the safety of the project."

"We see this decision as another strong vote of confidence in the governmental permitting processes which ensure the safety of the Florence copper project," commented Michael McPhie, president and chief executive officer of Curis. "We look forward to continuing a respectful and meaningful dialogue around a project that will contribute to the quality of life of the citizens of Florence, Pinal county and the state of Arizona."

Background

The lawsuit against ADEQ was filed by Southwest Value Partners Inc. of San Diego, Calif., Johnson Utilities Inc. of Queen Creek, Ariz., and other plaintiffs, which sought to prevent ADEQ from issuing an APP to Curis for the project. The lawsuit alleged that ADEQ exceeded its statutory authority by creating a rule governing individual aquifer protection permits of limited duration, known as temporary APPs. Curis joined the lawsuit and filed a motion to dismiss with prejudice on the grounds that state law granted ADEQ the authority to create the regulation. The court agreed with Curis, finding that the regulation governing temporary APPs "constitutes a valid exercise of ADEQ's rulemaking authority." The dismissal with prejudice will prevent the plaintiffs from challenging the validity of the temporary APP program in any administrative appeal of the Curis permit.

 

 

Close Prices Last 3 Months Price/volumes not adjusted for restructures
Date Ex Sym Open High Low Close Chg Total Vol #Tr Bid Ask   T-TSX   A-Alpha   X-Chi-X   P-Pure   O-Omega   M-TriAct   L-LiquidNet   E-TMX Select
2013-05-02 T CUV 0.80 0.80 0.80 0.80 0.04 500 1 0.72 0.80   500                            
2013-05-01 T CUV   0.76   0.72 0.76                                
2013-04-30 T CUV 0.70 0.76 0.67 0.76 0.06 43,000 7 0.70 0.76   43,000                            
2013-04-29 T CUV 0.70 0.70 0.70 0.70 -0.05 6,600 7 0.70 0.75   5,600   1,000                        
2013-04-26 T CUV   0.75   0.68 0.77                                
2013-04-25 T CUV 0.75 0.83 0.75 0.75 -0.01 820,905 16 0.70 0.77   818,905   2,000                        
2013-04-24 T CUV 0.74 0.76 0.74 0.76   2,000 3 0.76 0.83   2,000                            
2013-04-23 T CUV   0.76   0.74 0.79                                
2013-04-22 T CUV 0.81 0.81 0.76 0.76 0.01 5,000 3 0.68 0.79   5,000                            
2013-04-19 T CUV           189 1 0.70 0.78   189                            
2013-04-18 T CUV 0.74 0.75 0.71 0.75 0.06 6,000 11 0.69 0.75   5,500   500                        
2013-04-17 T CUV 0.76 0.76 0.68 0.69 -0.04 11,638 12 0.69 0.75   11,638                            
2013-04-16 T CUV   0.73   0.73 0.79                                
2013-04-15 T CUV 0.78 0.78 0.73 0.73 -0.05 1,640,300 18 0.73 0.78   1,639,800   500                        
2013-04-12 T CUV 0.81 0.82 0.72 0.78 -0.03 23,975 23 0.78 0.84   23,475   500                        
2013-04-11 T CUV 0.80 0.81 0.80 0.81 -0.04 2,800 5 0.81 0.85   2,800                            
2013-04-10 T CUV 0.80 0.85 0.80 0.85 0.06 36,000 28 0.81 0.85   34,500   1,500                        
2013-04-09 T CUV 0.76 0.79 0.73 0.79 0.02 6,720 12 0.73 0.79   5,420   1,300                        
2013-04-08 T CUV 0.78 0.82 0.77 0.77   9,900 16 0.77 0.82   4,400   5,500                        
2013-04-05 T CUV   0.77   0.77 0.84                                
2013-04-04 T CUV 0.81 0.85 0.77 0.77 -0.11 24,900 33 0.76 0.83   18,900   6,000                        
2013-04-03 T CUV 0.82 0.90 0.80 0.88 0.02 55,230 32 0.80 0.88   55,230                            
2013-04-02 T CUV 0.78 0.86 0.78 0.86 0.08 44,400 42 0.82 0.86   43,900   500                        
2013-04-01 T CUV 0.77 0.78 0.77 0.78 0.01 4,000 2 0.76 0.77   4,000                            
2013-03-28 T CUV 0.78 0.78 0.77 0.77 0.02 10,350 9 0.72 0.77   10,350                            
2013-03-27 T CUV 0.78 0.78 0.75 0.75 -0.04 12,000 4 0.72 0.78   12,000                            
2013-03-26 T CUV 0.78 0.79 0.78 0.79 0.04 13,600 5 0.78 0.80   13,600                            
2013-03-25 T CUV 0.75 0.80 0.75 0.80 -0.01 5,500 3 0.76 0.82   4,500   1,000                        
2013-03-22 T CUV 0.79 0.80 0.76 0.76 -0.04 8,200 15 0.76 0.82   7,200   1,000                        
2013-03-21 T CUV 0.81 0.83 0.80 0.80 -0.02 34,225 28 0.78 0.83   25,425   8,800                        
2013-03-20 T CUV 0.85 0.85 0.81 0.82 -0.03 109,000 8 0.81 0.86   107,000   2,000                        
2013-03-19 T CUV 0.88 0.88 0.85 0.85 -0.03 28,440 12 0.83 0.85   28,440                            
2013-03-18 T CUV 0.86 0.88 0.86 0.87 0.02 11,000 5 0.86 0.88   10,000   1,000                        
2013-03-15 T CUV 0.85 0.86 0.84 0.86 0.01 18,191 5 0.83 0.86   18,191                            
2013-03-14 T CUV 0.88 0.88 0.85 0.85 -0.04 17,750 10 0.87 0.89   14,750   3,000                        
2013-03-13 T CUV           300 1 0.86 0.89   300                            
2013-03-12 T CUV 0.89 0.89 0.89 0.89 0.01 20,600 6 0.87 0.89   20,600                            
2013-03-11 T CUV 0.87 0.93 0.87 0.88 0.02 619,400 35 0.87 0.89   610,400   5,000                       4,000
2013-03-08 T CUV 0.85 0.89 0.84 0.86 0.03 40,050 18 0.86 0.89   33,850   4,200                       2,000
2013-03-07 T CUV 0.83 0.83 0.83 0.83   5,000 1 0.84 0.86   5,000                            
2013-03-06 T CUV 0.83 0.84 0.83 0.83 -0.02 28,300 17 0.80 0.84   19,300   9,000                        
2013-03-05 T CUV 0.96 0.96 0.85 0.85 -0.09 83,643 57 0.85 0.89   65,143   13,500   5,000                    
2013-03-04 T CUV 0.96 0.98 0.94 0.94 -0.01 33,575 26 0.94 0.98   31,675   1,900                        
2013-03-01 T CUV 0.94 0.96 0.94 0.95 -0.01 17,100 10 0.94 0.96   10,100   7,000                        
2013-02-28 T CUV 1.00 1.00 0.96 0.96 -0.04 9,900 14 0.96 0.98   8,800   1,100                        
2013-02-27 T CUV 0.96 1.00 0.96 1.00 0.03 111,300 8 0.96 1.02   111,300                            
2013-02-26 T CUV 1.00 1.02 0.96 0.97 -0.03 36,100 26 0.97 1.00   34,600   1,500                        
2013-02-25 T CUV 1.05 1.07 1.00 1.00 -0.04 63,100 22 1.00 1.03   62,600   500                        
2013-02-22 T CUV 1.02 1.04 0.99 1.04 0.03 50,600 17 1.04 1.05   49,600   1,000                        
2013-02-21 T CUV 0.96 1.01 0.96 1.01 0.05 12,970 10 0.98 1.01   12,170   800                        
2013-02-20 T CUV 1.03 1.03 0.96 0.96 -0.08 58,233 29 0.96 1.02   56,733   1,500                        
2013-02-19 T CUV 1.00 1.10 0.99 1.04 -0.05 135,075 34 1.03 1.10   135,075                            
2013-02-15 T CUV 1.17 1.17 1.09 1.09 -0.07 91,060 35 1.05 1.09   90,560   500                        
2013-02-14 T CUV 1.23 1.23 1.15 1.16 -0.05 30,760 21 1.16 1.17   30,760                            
2013-02-13 T CUV 1.17 1.29 1.15 1.21 0.06 382,025 442 1.18 1.21   365,725   16,300                        
2013-02-12 T CUV 1.13 1.16 1.10 1.15 0.03 93,900 40 1.12 1.15   87,700   5,300   900                    
2013-02-11 T CUV 1.16 1.16 1.10 1.12 -0.06 17,575 14 1.10 1.12   17,575                            
2013-02-08 T CUV 1.19 1.20 1.14 1.18 -0.02 280,285 99 1.18 1.19   276,185   4,100                        
2013-02-07 T CUV 1.10 1.20 1.03 1.20 0.12 132,630 66 1.18 1.20   129,630   3,000                        
2013-02-06 T CUV 1.04 1.10 1.03 1.08 0.06 34,975 19 1.08 1.10   34,975                            
2013-02-05 T CUV 1.02 1.03 1.01 1.02 -0.01 79,790 31 1.00 1.04   78,790   1,000                        
2013-02-04 T CUV 1.03 1.04 0.97 1.03 0.01 136,465 105 1.00 1.03   128,465   8,000