1) pg 2: New 2011 Claims: The Mineral Claims acquired in 2011 are subject to inclusion with the Schaft Creek project under the terms of the Area of Interest provision of the Teck Option Agreement. Copper Fox has incurred expenses of $3 million related to the new property acquisitions. The terms and conditions for the inclusion of these Mineral Claims into the Schaft Creek project have yet to be negotiated with Teck.

Teck is reserving this because they want to make it harder for people to know the real value of our holdings.

2) pg 3: Schaft Creek – An Emerging Porphyry Copper District?.... [DDH 422, Paramount Leakage zone] ...These mineralized intervals in conjunction with the technical aspects of the Schaft Creek Mineral Trend strongly suggest the presence of a porphyry copper environment with considerable mineral potential.

We already know from the supporting data that these New finds are for real.

3) pg 4: Silver: Copper Fox is currently in discussion with Tetra Tech WEI Inc. regarding the inclusion of the revenue generated from the sale of silver contained in the copper concentrate sold from the Schaft Creek project. This represents a considerable amount of revenue over the mine life and should be included in order to provide a realistic valuation of the project. [RE3 in Q2]

Tetra doesn't want to include it because they are having trouble putting a hard number on it. Highland Valley doesn't report the bonus minerals either because it changes as they move through the deposit. We are asking for the low estimate to be included. Taking the conservative approach should satisfy the engineers who sign off on the report.

4) pg 4 "Copper Fox’s objective is to complete the feasibility study on the Schaft Creek project in the first three months of 2012 and then commence the activities, such as power and road access, required to move the project forward. "

We have been informed that there have been discussions with contractors already. There is a joint effort on access and power underway. Apparently there is equipment being accumulated near the road head.

5) pg 5: Circular feature at Paramount: "The Titan-24 survey has delineated an interesting feature in the vicinity of the Paramount zone. The chargeability (with corresponding low resistivity) anomalies in the Paramount zone and the Mike zone defined an interpreted circular feature that coincides with a large circular shaped resistivity low. The south side of this circular feature correlated with the higher-grade zone of copper-gold-molybdenum-silver mineralization intersected by the 2010 and 2011 drilling.

We got supporting data last year suggesting this could be a root zone. We will find out soon if we are going root hunting. Finding (proving the root because we're pretty sure where to drill) the root would be huge but at depth and therefore about equal to having high grade starter pits. Teck has no doubt that it's there. I suspect we want to punch 2 holes into it to see how high grade it really is. Elmer will update us.

6) pg 5: 2011 Drilling: "At the end of the 2011 drilling program, two significant aspects of the Schaft Creek project are, i) the size of the zone of high grade mineralization in the Paramount zone has not yet been fully defined despite a 280m step-out to the north and, ii) a new zone of copper mineralization that correlates with a chargeability anomaly approximately 1,200m north of the Paramount zone has been located. To provide an example of the potential size of the Paramount zone, DDH CF415-2011 a 280m step out to the north of the previous drilling intersected a 582m interval of mineralization including a 67m interval that averaged 1.10% copper equivalent."

This is significant. We suspect there may be another 3 billion pounds to be had and need 10 holes or so to get a handle on it. When I talked to Elmer he said we had enough to negotiate. This would give us leverage but would take the entire summer. We should begin as soon as the snow melts unless Teck takes us out.

7) pg 7 "Future Operations: Copper Fox plans to complete the feasibility study as soon as possible with an expected completion date by March 31, 2012. Copper Fox plans to complete an updated resource estimate to incorporate the analytical results of the 2011 drilling program. This work will not affect the feasibility study’s expected completion date.

The focus for Copper Fox at Schaft Creek during the three months starting March 1, 2012 will be to:

a) Complete the feasibility study on the Schaft Creek deposit by March 31, 2012;

b) Complete an updated current mineral Resource Estimation on the Paramount zone to include the 2011 results; and

c) Plan a program for 2012, which includes aspects of the road access, power line and securing diamond drills, geophysical equipment and personnel to complete additional field work in 2012. The 2012 program will be designed with as much flexibility possible to react to the decision Teck Resources Ltd make regarding its participation in the Schaft Creek project."

This last point says we are still not certain what Teck intends. I can tell you that a major financing is in order. We should attract 30 million and go nuts. We took it easy on the expense sheet probably at Teck's request. However, we have the right to say this is not over. Just because we near BF competion does not mean we have to hand it over without the new results. The reRE will look very good but a wow hole in a new zone would trump that. The issue with prepaid expense in the light of a Teck decision makes this a bit complicated. If we brought ten drill and they make an offer the drill must be compensated. I don't want to fart around because April is coming and we don't want to be here without a deal. BGM had an army of drills and still has about 45 holes coming in. They are a pothole on the side of a mountain compared to us yet their program was 30 mil over 2 years. We have been a bit of an embarrassment in this respect. Our drillers arms must have been really tired turning the hand crank augers last year. The donkey almost went on strike hauling all those cores!

Yes, I know we had to negotiate the expense and Teck is holding us up. But, the contract is the contract. Elmer has to keep us happy and Teck too. Not an easy job for sure especially when you have share holders like me. lol. So where does this leave us for 2012? Back to the augers and donkey? I think we need to go hostile. We have enough proof to attract someone else. Teck can go for iron. We should get this out for all to see and drill like crazy. If we have to sell cheaper then so be it. Let the market decide on the price and Teck can go pound dirt. The waiting games must end and we need to make a real effort on exploration.