found new statement from wayne on cdu website

I found this press release on the Cudeco Website quite alot of information on their site by the way ,this is my first post thought it may be helpful, I'm holding & buying more best of luck to all.

ikey moses.

_____________________________________________________________________
PRESS RELEASE 21th August 2010
________________________________________________________________________
To the shareholders of CuDeco I would like to comment on the events of the past week.
Probably the most important thing that needs to be said is that the Company was required
to report a resource that complied with the requirements of the Environmental Impact
Statement lodged with the Queensland Government. The Company has applied for a
Mining Lease over the entire Rocklands EPM for a period of 40 years with an initial 30
million tonne operation. The EIS was lodged with the 30 million tonne per year processing
facility at a rate of 3mtpa for 10 years. The EIS that has been completed includes all of the
environmental requirements for a 30mt, 10 year operation which requires engineering and
design for the tailings dam for 30mt and the waste rock for 90 million tonnes, water
requirement studies, roadways and transport, water diversion engineering, water holding
dam engineering etc. The EIS for Rocklands was commenced in August 2006 and the
draft EIS was lodged to the Qld Government this year and advertised publically for
comments which have now closed. A copy of the EIS is available on the CuDeco website.
The Company in its recent updated resource statement established the tonnage and grade
required just for the EIS for a 30 million tonne operation.
In addition to the 30 million tonnes, the Company also reported the global resource which
reflected more than 8 times the required 30 million tonnage required for the EIS. The
global tonnage was calculated by Independent Geological Consultants and a lower cut-off
was used to reflect the Global Resource.
The report recently compiled by Foster Stockbroking estimated that the value of copper in
the ground at Rocklands at 0.10c lb or $US220 per tonne of copper. On the date of their
report the copper price was $US3.30 lb or $US7,276.00 per tonne. Fosters have used
numbers in their calculations of $US7,056 tonne less than the actual copper price. The
question of motive for using the prices in their assumptions is what needs to be
established. The Company has formally requested that Fosters Stockbroking provide the
working data and the qualifications of the person or persons that made the statement and
compiled the report. The report by Fosters Stockbroking was undated and did not contain
the name of the actual author The qualifications of the author were not attached to the
report. We believe that the report may have mislead some shareholders of CuDeco.
However we will keep shareholders informed.
The Company will be on Monday requesting that the Australian Securities Investments
Commission investigate the trading of the employees and the clients of Fosters
Stockbroking since the release of the Resource Update and to investigate the person or
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persons that completed the analytical report including their qualifications and the data
base and technical information that they relied on to come to the recommendations for
shareholders of CuDeco to sell their positions.
Any shareholders of CuDeco that did dispose of their shareholding in CuDeco and made
their decision based on the analyst report from Fosters Stockbroking of which the results
were published in some major Australian Newspapers should email to
[email protected] the number of shares sold, the number of shares prior to reading
the Fosters Stockbroking Report and the balance of stock they hold. We would also
request the losses that may have been incurred as a result of reading the report or the
contents of the report in the National Newspapers.
In relation to the press, they have as usual carried out a hatchet job on me and attacking
me personally as they have done over the past 5 years. The most scathing and malicious
attack was from Andrew Fraser from The Australian today.
In my conversation with Andrew I invited him to Cloncurry to come to the Rocklands
Project and he may have a different outlook. His reply was, Im not interested in coming
to Cloncurry. The continuous re-gurgitation of things I was supposed to have said and
done has been told over and over again. I think everyones got the message. The
scathing and unwarranted attacks on me personally are not what upsets me, but the effect
it has on shareholders value is what upsets me. I have received hundreds of telephone
calls of support from shareholders over the past four days and I thank the shareholders for
their calls. It doesnt matter what I say, the individual journalists that have been attacking
me wont let up so there is not much I can do about it. I just have to cop it and I have no
form of re-dress.
The results of the updated resource DOES confirm that the Rocklands Project is a world
class copper resource. The reading and understanding of how the resource was
presented appears to have confused some shareholders into thinking that the 30mt
required for the approval of the EIS was the total resource. It was not, it was the resource
required to the granting of the Mining Lease to comply with the EIS for a 30mt operation
which we believe is more than viable. Obviously at some stage, once the operations at
Rocklands commence we will investigate the upgrade of the plant and possible increase of
the throughput, but this will be dependent upon the metals prices at the time. We have up
to ten years to carry out this investigation once we start production. The Company has
instructed an Independent consultant to produce a Preliminary Cost and Financial Study
into the Rocklands Project for the first 10 years on a year by year basis.
I would recommend that shareholders not make too many assumptions on press reports or
back of the envelope analytical reports or reports compiled by persons who have not been
to the Rocklands site. I would recommend not to make decisions of reports by unnamed
authors that have put together hastily written reports, compiled in a few minutes or hours,
which may cause shareholders to attempt to make sound financial judgements, based on
these reports.
Interestingly of the top 30 shareholders their shareholding has increased by 1.338 million
shares since the report of the upgraded resource estimation.
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I must admit I feel a little like C.Y. OConner at present, but can assure shareholders I will
not pursue the same fate.
Yours faithfully
Wayne McCrae
Chairman