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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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  1. The resource estimate includes the silver content of the mineralization in both the Paramount and Liard zones.
Elmer B. Stewart, President and CEO of Copper Fox stated, "The Measured and Inferred Resource categories, the total copper-molybdenum-gold-silver content and the fact that the deposit is still open in several directions (along strike) indicates a new dimension to the potential size of the Schaft Creek deposit. Additional drilling will have to be completed to realize this potential and define the un-explored portions of the Schaft Creek deposit. It is noteworthy that the current Measured and Indicated Resource exceeds 1.2 billion tonnes and incorporates the silver content which is expected to have a positive impact on the economics of the Schaft Creek deposit. The important criteria in selecting a cut-off grade in a resource estimate are the average grade of the metals, tonnes and contained metal content. The resource estimate shows substantial increases in both tonnes and copper-molybdenum-gold-silver content at both the 0.15% and 0.20% CuEq levels of cut-off. Given the very minimal decrease in average grade for each metal, we have been able to select a 0.15% CuEq cut-off. The Base Case results will be used to complete the Feasibility Study for the Schaft Creek project which is expected to be completed by mid to late summer 2012."
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