If you review the two statements below, the only material difference is the peer reviews by Merit and CUU. My interpretation of the context of Elmer's comments today is that he is not pleased but rather accepting the reality of this final step before announcing the details.

Mr. Elmer Stewart stated " It is evident the company is at the final stages of completing this important report, that being said, the company will diligently perform its internal review process to ensure completeness and accuracy and that the final report appropriately reflects the economic potential of the Schaft Creek resource. The completion of this Feasibility Study is the most significant event to occur in the Company in its eight year history.".

I believe he had no choice but to capitulate to Teck's request and the pressure may have come from above. Merit may have been contracted by CUU, but if it were at CUU's request, there would not be a need for an internal peer review as well. They are essentially saying to Teck....fine...but we are watching.

Given EE and DM's continued financial committment to this company, I have no doubt we have very good news coming...sooner than most think.

DC14

Feasibility Study

Sept 4th News Release

The results of the feasibility study for the Schaft Creek project are expected to be delivered in September 2012. The optimized mine plan has been completed. Sensitivity studies related to capital recovery versus daily mill throughput are being completed to select the optimal start-up scenario for the Schaft Creek project. The final phase of the feasibility study, the economic analysis, is expected to be completed in early September. The majority of the sections of the feasibility study have been drafted and reviewed.

Sept 25th News Release

Moose Mountain Technical Services has completed the "Mine Plan" for the Schaft Creek project. The optimized plan will be used to complete the economic analyses and project sensitivity. All other aspects of the Feasibility Study are complete. Merit Consultants International Inc. of Vancouver, British Columbia has been contracted by Copper Fox to perform a peer review of the Feasibility Study. Merit has been providing Project and Cost Management services to the mining sector on both domestic and internationally located projects for over 30 years. Simultaneously Copper Fox will be performing its own internal review to be led by Matt Bender, Registered Professional Engineer (Metallurgical), who has extensive background in this area and was the author and a "Qualified Person" of the 2008 Schaft Creek Pre-feasibility Study. Once these processes are complete the results will be announced by way of a news release. Mr. Elmer Stewart stated " It is evident the company is at the final stages of completing this important report, that being said, the company will diligently perform its internal review process to ensure completeness and accuracy and that the final report appropriately reflects the economic potential of the Schaft Creek resource. The completion of this Feasibility Study is the most significant event to occur in the Company in its eight year history."