Attended the PDAC conference this morning and was able to make it to Elmer's presentation at 11am. It was just a short walk from my office downtown so I felt obligated to hear it from the horses mouth.

Elmers presentation was as you would expect given his previous state of the unions. Short and to the point. He did reiterate on two (2) occassions that the FS was expected to be completed by the end of this month...by the end on March.

Following his address, which ended early, there was a short time to address questions....surprisingly I was the only one who took to the mike....asking Elmer where the company's retained earnings/cash position stood at the present time given they had raised by way of PP some 13.2 million since Oct...and whether they intended to use these funds to drill aggressively this spring in the event TECK takes their time during the 120 day notice period.

Elmer was somewhat coy in his response not providing any specifics on the funds issue but did acknowledge they would need to go back to the market for additional funding in the future as that was their only source of funding. He did advise however that CUU had sufficient funds to complete the FS.

I decided to take a walk into the convention hall to track down Elmer after the presentation. Elmer was not at the booth but Michael Smith was and I had a very informative discussion with him. As it was over the lunch period, there was no one else at the booth and Michael gave me his full attention. The keys points of the conversation are as follows:

Insiders are in a black out period and as a result cannot buy/sell or exercise options due to the fact they are in receipt of material information relating to the feasibility study. Although the FS is not complete, with the mine plan yet to be finalized, it is still considered 'material' and I suspect they will be in this black-out until the FS in released.

Options (noted by Michael to be @.91 strike price) have not expired and my take from Michael was he has no intention of letting his 250k options expire. This to me was the most reassurring comment I received during my conversation.

When I asked about the timing of the FS, noting past delays, Michael confidently informed it would be out by the end of the month. He went on the advise that while it would be released by the end of March, it would take up to 45 days for everything to be finalized in a form acceptable to file with SEDAR. When I asked, he confirmed the clock with Teck started ticking the day the FS is released (and notice provided to Teck).

Michael reaffirmed Elmer's comment on the need for additional funding going forward but referred to it as a MAJOR financing. You can read what you want into this but he made reference to the cost of completing a JV was very expensive. I am interested to hear other's take of this as it appears to me we are planning on alternative scenarios should Teck take a pass....which I find highly unlikely...or becoming a JV partner possibly with another player (total speculation on my part). This may just be a CYA fall back to give Teck the impression we have the ability to go it alone with a partner(s) lined up.

One other point he made centred around the TECK agreement. He stated "you could shoot a cannon through it from a legal perspective", meaning there will be many issues that would require negotiation between the parties that are not as clear cut as one would like (not the legality of the contract itself). He did comment that the relationship with Teck is very good and they continue to meet regularly.

Overall I was very impressed with how professional and forthright Micheal was in communicating this information. I left the discussion with a much better sense of CUU's prospects for the future and that our interests are in very good and capable hands.

Long and strong to the end. As always DYODD.

DC14