Latest Addition to the Unemployment Line

[rockgremlin]

Well, it's officially official. I know that approx. 2% of you all care, but I thought I'd mention it anyways. It is after all in Utah, and is directly affecting over 100 people.

http://www.tradingmarkets.com/.site/...20News/873298/

Constellation Copper Corporation - Lisbon Valley Operations to be Curtailed to Leach Only
Friday, November 30, 2007; Posted: 05:14 PM

Constellation Copper Corporation (the "Company") (CCU :TSX) is providing an update on the status of its Lisbon Valley Mine operations.

Operational Update

As previously reported on November 23, 2007, the Lisbon Valley Mine (LVM) continues to produce below planned capacity. The primary reason for the lower copper production has been the slower than planned leach recovery rate experienced since the operation started leaching at the end of 2005. Several significant initiatives to increase production have been undertaken, these include: selective mining of the ore to minimize dilution and the inclusion of acid consuming materials; modification of the ore preparation prior to leaching; increased the mining, crushing and stacking rates; increased the placement of ore by utilizing trucks to deliver primary crushed ore directly to the leach pad; increased solution flows through the plant; and the most recent initiative, construction and commissioning of an Intermediate Leach Solution (ILS) system. Although each of these efforts has been, or may become successful on its own, at this time the leach recovery rate limits copper production at the mine. Implementation of these various initiatives has required significant cash disbursements which have not been offset by higher revenues from increased production. Therefore the Company has determined that the most economic alternative currently available is to convert to a leach only operation, whereby leaching of the approximately 11 million tons of ore previously placed on the leach pad will continue as long as enough copper is recovered to produce a positive cash flow. There remains about 900,000 tons of ore that is uncovered and will be mined and placed on the heap before the mining operation is curtailed in early 2008. This ore will be primary crushed and placed on the pads with trucks. Including this ore, there will be an inventory of approximately 40 million pounds of contained copper that may be recoverable over the next 1 to 3 years, based on the leach recovery rate, copper market prices, and operating costs. The secondary crushing plant, agglomerator and stacking system will be shut down, cleaned out, and partially disassembled for eventual sale.

LVM will reduce its workforce from about 159 to about 58 employees required for the ongoing leach operation. WARN Act notices will be distributed this afternoon to those employees (including Rockgremlin) whose positions will be eliminated, with the layoff date in late January and early February, 2008. The Company regrets that this action has become necessary, and will try to minimize the impact upon the affected employees.

The Company continues to evaluate financing alternatives. Negotiations with the counterparty on the Company's forward sales contracts are progressing positively. In connection with the negotiations, LVM has closed out half of its outstanding copper forward sales contracts, 7.385 million pounds, at a copper price of $3.08 per pound, resulting in a fixed settlement of approximately $9.0 million, to be paid over the original maturities. In addition, remaining forward sale contracts, originally placed at an average price of $1.86 per pound, will be settled at average monthly copper prices.

Converting LVM to a leach only will assist in minimizing the cash drain on the Company, but as stated in the November 23, 2007 release, the Company requires additional cash to continue the reduced operations.

[CarpeyBiggs]

Does this affect you Rock?

[Cirrus2000]

Does this affect you Rock?

Judging by the:

WARN Act notices will be distributed this afternoon to those employees (including Rockgremlin) whose positions will be eliminated,

I'm gonna say yes. (Maybe that was put in after you read it, though... Don't really mean to be a smartass.)

Damn, that sucks, Rock. Although, more canyoneering time... Seriously, I may not know you, other than through here, but I hope all works out well. When they say they'll do their best to minimize the impact, what does that mean? Anything concrete? Best of luck!

[accadacca]

Thats sucks! I know Kennecott has recently been running ads. Best of luck.

[CarpeyBiggs]

Whoops! I guess I missed that line when I skimmed the article...

I guess when we were talking about it in Maidenwater a few weeks ago, I didn't realize it might happen so soon. How is the wife taking it? Maybe excited for a chance to get back to SLC? Hope it works out man.

[rockgremlin]

No regrets here. I've learned a great deal working here, and I have enjoyed living in a really great part of Utah. I know many people will probably take these layoffs hard, but I'm actually kind of excited. Change = new opportunities = growth. The wife is scared and excited at the same time. I was hoping to hook up with Dan and shoot sports and landscape photography, but I don't think the benfits would be as good.

Focusing the search around the SLC area....stay tuned, the prodigal son may be returning.

[sparker1]

Best of luck. Go for the CEO job this time. Better pay and benefits, plus you get to pick who is fired.

[Win]

Sorry to hear that, Rock. Something similar prompted my move to Utah and I certainly looked forward to a change of scenery. Being young is certainly in your favor.

Not sure what you'd be looking for in work but my neighbor owns a large and growing construction company. He 's always looking for all kinds of help.

Win

[Bo_Beck]

Good luck getting re-established. Change can be quite refreshing. I'd say that a move to Southern Utah might be a choice? You can become a millionaire here, however it will require a million hours of work! All aside though....the climate here is pretty good and the recreational opportunities abound; a good healthy atmosphere for kids as well. Whatever choice made...stay happy.

[Brewhaha]

Sorry to hear that Rock. I had heard rumors and now I guess they have turned out true - imagine that. Good luck finding something else.

[rockgremlin]

Hey thanx for all the well wishes guys. I don't care what the YahooGroup folks say, you UUtah guys rock!


Ummmmmmm.......hey Dan, were you gonna forward me some info regarding your benefits package or what? Do you offer 401K?

[Alex]

Bummer to hear that man, looking for a job is never fun. Best of luck dude! So, when are we doing a canyon again?

[DirkHammergate]

If you end up in SLC, don't kick my ass at the group meetings.

[Sombeech]

That sucks. It's always better when you can go out in a blaze of glory.

[Rev. Coyote]

Rock: Good luck in your new adventure. It would be hard to leave San Juan, I believe.

[Iceaxe]

Dang.... I hope they at least give you a Christmas card with your termination notice....

Good Luck.... the bright side is the mining industry is really booming right now. Nearly everyone else is expanding as fast as they can build it....

If that don't work out I figure you always have a future in the porn industry.

[Sombeech]

If that don't work out I figure you always have a future in the porn industry.

If that's the case, my download quota would decrease dramatically.

[Jaxx]

If that don't work out I figure you always have a future in the porn industry.

[Iceaxe]

Hey Rock... I think I know where there is a job opening!!!

Pilot Writes Off Brand New Passenger Jet
Friday November 16, 2007

An Airbus pilot has written off a brand new jet after slamming it into a wall during engine tests.

Plane was smashed beyind repairHe was powering the four-engined A340-600 aircraft up to full throttle whilst applying its brakes at the Airbus base near Toulouse in France when the incident occurred.

The passenger aircraft broke free of its parking blocks and rammed through a protective wall at the Airbus engineering centre.

Nine people on board and a person on the ground were injured, three of them seriously.

Around 80 rescue workers rushed to the scene to carry those injured to hospitals.

The wide-bodied jumbo jet had been undergoing its final set of tests before delivery to Abu Dhabi-based Etihad Airways.

Airbus admitted the plane was a write-off following the smash.

Chief operating officer Fabrice Bregier said that "for reasons still unknown" the plane hit a wall and was damaged so badly as to be "irrecoverable".

Jean-Louis Borloo, who heads a French government ministry on the environment, energy and transport, has requested a technical investigation into the causes of the accident.

[DirkHammergate]

Jean-Louis Borloo, who heads a French government ministry on the environment, energy and transport, has requested a technical investigation into the causes of the accident.

Ummm, the pilot was French???