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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: NPV Model

I was under the impression that showing there was potential to expand was an important component of the Schaft Creek project. So it's not so much proving the value of the minerals in the unexplored lands, but allowing that there might be further mineralization so that the project as a whole potentially has life beyond the Schaft Creek mine life. The expansion possibility is important for the initial funding.

They have stated this quite a few times in their MD&A: "the value of a mineral project has two components, the Net Present Value of a mineral deposit based on a feasibility study and the value related to the potential of finding additional mineralization. The second component of the “value chain” is the potential of the unexplored land within the project."

I'm not sure why they didn't complete a good drilling program this year, but they explained why they did the aerial survey: "To identify/add value over and above that established by the feasibility study, Copper Fox is considering the merits of completing a high sensitivity airborne geophysical survey over the entire Schaft Creek property to identify other potential areas of porphyry style mineralization."

They seem to be wanting to point to the potential so that the deal is perceived as being open-ended rather than completely defined. If this is necessary then drilling might not have added sufficient value over and above the aerials.

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