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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Re: Teck CUU agreement
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The way I understand it, Teck can elect to either opt for 20%, 40% or 75% of CUU 's direct and indirect interests in Schaft Creek. This doesn't include the new Liard shares purchased. Well if you work out 40% of CUU's direct and indirect shares of Schaft Creek, it comes to 38.something% - not 40%. So under the 40% back-in option, I don't think Teck can own a 40% interest in Schaft Creek (as defined in the Agreement), and therefore is not eligible under the provision that says if they own 40% of Schaft, they can vote as if they have a 50% interest after they have spent 2 times the qualified expenditures. So I think this option is a non-starter for Teck. Haven't received confirmation one way or another from anyone.

Signed

Isolated and Looking for Guidance


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