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Campbell – Serious Discussion on CCH / CBLRF
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Joe Mann “smoking gun” Analysis – these words tell allMy previous post had several important links to help people research the Joe Mann (suspected) Downplay: http://www.investorvillage.com/groups.asp?mb=11397&mn=2307&pt=msg&mid=6673660 Exact GeoStat recommendations from the 2006 Final Prospectus http://campbellanalysis.com/files/GeologistReports/Campbell Final Prospectus.pdf Exploration and development At the Joe Mann mine, the potential for renewal of the Mineral reserves are summarized in 5 points: 1. Converting actual Mineral Resources into Mineral reserves; 2. Identifying new Mineral Resources and reserves inside the actual mine infrastructure (West zone and other minor structures); 3. Extension of the 2 main zones (Main Vein and West zone) at depth below level 3450; 4. Exploring lateral extensions (east and west) of the mineralized bodies; 5. Exploring, within a 1 to 1.5 km distance of the mine infrastructure, known mineralized structures, together with the prospecting of new ones in the same sector. The Geologist wrote about "known mineralized structures" at a distance 1 to 1.5 km way from the mine infrastructure. And the Geologist specifically mentioned the West Zone. Campbell Resources Inc. reports exploration drilling intersects high grade gold mineralization at the Joe Mann West Zone. And what did Forget about reserves – we already knew that Joe Mann reserves were getting low. The “smoking gun” is that there were over 1 million tons of resources at Joe Mann which gradually disappeared from reports – even after the Geologist wrote that these resources should be upgraded to reserves. This Analysis is very important. If Side note: Don’t’ let Management tell you a story about "the gold being in the resource category, not the reserve category". At the The So the point is that If Management is happy going with resource estimates only (at Benson’s comment: No surprise here (if you see the pattern). We see the same thing at Ohhh! But they had to suspend Or maybe Nuinsco will try to grab the Fun Facts about Then “they” (The Cabal) stole half of our Shareholder Rights – that is documented at the bottom of this page: http://www.campbellanalysis.com/files/Chronology of Down Play.html So the “little people”, the mine workers, the But the 2006 press releases said that operations would be profitable within 4 months, and they only needed $5 million more in direct investment at Copper Rand (mine now closed, even though metal prices are almost double). Read the April 2006 press release. At But 30,000 tons per month production was mentioned in the last press release on Merrill – that comes out to about 500,000 pounds copper per month if the grade is 0.92%. That’s almost $500,000 in profits per month even at these low metal prices. Instead, they are producing nothing. Back to Joe Mann From 2007 Annual report (page 28-29 / pages 34-35 in Adobe Acrobat Reader) Mineral Reserves and Resources Mineral reserves at the Joe Mann Mine were reviewed extensively by management following the temporary suspension of mining operations in November 2000. The following table summarizes mineral reserves estimated and calculated by the Company at December 31, 2007 for the Joe Mann Mine on the basis of a gold price of US$800 per ounce, at December 31, 2006 on the basis of a gold price of US$575 per ounce and at December 31, 2005 on the basis of a gold price of US$425 per ounce. The mineral reserves and resources at December 31, 2007 were actualized by the Company from an audited report entitled Audit of the Mineral Resouces and Mineral Resources of the Joe Mann Mine dated July 21, 2006 by Systèmes Géostat International inc., independent geological and mining consultants. Mineral Reserves December 31, 2007 December 31, 2006 December 31, 2005 Tons Grade (oz./ton) Tons Grade (oz./ton) Tons Grade (oz./ton) Proven 0 - 32,000 0.201 45,300 0.236 Probable 0 - 6,000 0.211 64,000 0.245 Total 0 - 38,000 0.203 109,300 0.241 - 29 - Notes: (1) These estimates were verified internally by Ghislain Deschênes (2006) and Jean Tanguay (2005) both Qualified Persons who are practicing as geologists since 1982 and 1996 respectively. (2) Details and parameters of mineral resource calculations at December 31, 2005, 2006 and 2007. Calculation method Data bloc modelling Cut off grade: 2007 (2006, 2005) N/A oz Au/T (0.200, 0.225) High-grade cut Au 2.0 oz Dilution: 2007 (2006, 2005) 6 ft. min. horz. Width Mill recovery (Au): 2007 (2006, 2005) 82.7%, (84.6%, 83%) Price assumption (Au): 2007 (2006, 2005) US$800/oz (US$575/oz, US $425/oz) Exchange rate CAN$/US$: 2007 (2006, 2005) 1.000, (0.893, 0.800) The total estimated proven and probable mineral reserves at the Joe Mann Mine decreased by 71,300 tons from 109,300 tons at December 31, 2005 to 38,000 tons at December 31, 2006. After taking into account production during 2006 of 80,639 tons grading 0.207 ounces of gold per ton, and the decrease of the cut off grade from 0.225 opt Au to 0.200 opt Au. Following the end of the operation in September 2007, mineral reserves were at nil tons as at December 31, 2007. Benson’s cynical observation [not proven fact]: They keep talking about reserves. Stop it! – we know that reserves were getting low. It is resources that we think Management tried to “make go away” Exploration activity at the Joe Mann Mine was gradually scaled down in 2004. The depth extension of the West Zone below the 2,900 level was deceiving and other targets tested which could have been accessible within the mine infrastructure did not return significant results considering that a cut off grade of 0.30 opt Au over 6 feet was required to be mined profitably. Benson’s cynical observation [not proven fact]: 1) The 2007 Annual Report referred to a decision made 3 years earlier, based on 2004 prices. Can you believe that! The gold price at the time was under $400. The gold price is now close to $1,000 (higher if you use Canadian dollars). So when Management makes the comment that [cynical interpretation] “we had to put the Joe Mann dog to sleep”, researchers must pay attention to the fact that everything changes with a gold price more than double (almost triple). An unprofitable cutoff grade at a gold price of $400 could easily be very profitable at a $900 gold price. My strong opinion: Joe Mann would be immediately profitable (superbly profitable) at a $900 gold price. And Xstrata know it. And the Geologist basically said the same thing. 2) Show us those drill results! – I have never seen any drill results from 2001 – 2004 that failed to prove up (or substantiate) the earlier excellent drill results for Joe Mann – for example these high grade results reported in 1996: I want to see these special drill results – I want details. The company says they did this drilling that invalidated earlier results. Where were these results reported? (The date would have been 2001 - 2004). The Geologist in 2006 did not write anything about additional drilling having already been done. The Geologist was very bullish (excited) about further exploration at Joe Mann (see comments above). What Management is trying to say here is that they had these high grade results, but then they did more drilling, and these high grade results became invalid. Benson says “bullshit”. I want to see those drill results. Lots of questions. Campbell Resources Inc. reports exploration drilling intersects high grade gold mineralization at the Joe Mann West Zone. There was no underground exploration program during 2005 at the Joe Mann Mine. In 2006, considering the gold price, underground exploration and definition drilling should have resumed at the Joe Mann Mine in order to increase the actual reserves and resources. Due to depletion of reserves, the Company has decided to close the Joe Mann Mine in the course of the third quarter of 2007. Therefore, on December 31, 2007 no reserves and resources at the Joe Mann Mine were estimated. Benson’s cynical observation [not proven fact]: Ahhh! So they close the mine, and now they can get away with not showing any resources at all. But when GBB and Global Finishing were talking about buying the mine, they knew exactly where to look for the high grades gold – one of those 2 companies had a web page just to give estimates of how much gold was there, and documented that GBB knew exactly where to drill. This same 2007 Annual report has detail on the proposed sale of the Joe Mann mine to Gold Bullion (and there was a third partner – “Global Finishing” was involved). This sale was never completed, and
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