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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: Re: Raymond James Initiating Coverage on Teck

I pretty much agree Met but think of it this way: what would the analyst say with confidence about SC?

How will SC change TCk's bottom line for better or worse? % ownership/earn-in %, Parners?, Capex? IRR? Daily production? Construction/production timeline? New land configuration & exploration potential?

Any discussion would probably have to include our very tired and somewhat confusing earn-in option statement on each of our NR's..

"Copper Fox holds title and a 100% working interest in the Schaft Creek project consisting of 55,779.56 hectares (137,834 acres). Included in this total are the "Schedule A" mineral tenures originally conveyed to Copper Fox pursuant to the option agreement dated January 1, 2002 between Teck Resources Limited ("Teck") and Copper Fox (the "Teck Option Agreement"), which consist of 8,334.34 hectares (20,594 acres)....." Blah blah blah...

Any statement made about any of the above is open to a lot of debate and they are all inter-related into a fairly complicated and diverse set of potential outcomes.

Another thing is that the analyst is covering TCK, not CUU so the analyst is probably loathe to provide even tangential coverage for another company.

jmho

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