"What I mean to say is that Mike did not say there would be a delay, but since we haven't seen the Feasibility it does seem like they might delay. . . for incorporating the new drill results in the RE2?"

From what I have read in the Dec 7 Amended Annual Information Form, it seems like the new drill results and RE2 will not impact the completion time of the FS. As they will not be included in the report.

From the Dec. 7 Information Form

On completion of the2011, drilling program, Copper Fox plans to complete an updated current mineral Resource Estimation on theParamount Zone. This updated resource estimation will not be included in the Feasibility Study but could be used as a basis for ongoing planning and modelling of the design for the proposed development of the Schaft Creek deposit.

A possible dely may be the geotechnical aspects of the pit design i.e. pit slope angle (rock mechanics stuff) as noted below from the Dec. 7 Annual Information Form. My understanding is that the slope angle is key to the mine plan.

From the Dec. 7 Information Form

Knight Piesold are currently working on the geotechnical aspect of the proposed open pit concentrating on the pit slope design and overall pit slope angle. On completion

of this work, the proposed production pit will have been designed and used as the basis for completion of the feasibility study. As a result of the proposed production pit design, mineral reserves, mine plan and overall strip ratio will also have been determined. Finalization of the haul road and water diversion ditches will resume after the mine plan and pit optimization studies have been completed.

Thus my question before about a Bankable Feasibility Study – I was looking for a definition of “Bankable”

i.e. Does Bankable means that the results of the study will be favourable in going forward with mine development?If it is not Bankable and TCK does not like it, is it still bankable or just a Feasibility Study, will the 120 day clock start ticking or will we go out and incorporate the 2011 drill results and keep expanding the resource in 2012 until it becomes bankable?Am I making any sense?

Seems to me that if we do not want to incorporate the 2011 drilling data, then TCK is satisfied with the resource and the BFS will be positive.

Thanks, TJ