I've seen a few people say that the "BFS is not complete. It is. It's been complete since September, as per the news release (September 25th):

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.

It's done, and has been for a while or they have blatantly lied in an official news report to the public, not just some phonecall. There's clear documentation with little, if any room for interpretation. In fact the optimized mine plan was completed even before then and they were supposed to have completed the economic sensitivty in early September. Most people here have stated themselves that this section of the BFS (economic sensitivity) can be completed in one day and by a junior mining engineer. Do you really think they took 3 weeks and still didn't finish it - when they projected it to be done much sooner? As per news release (September 4th):

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.

I don't think so. We're not dealing with management that's Bush league. Elmer has not just worked on 5 mines, but was a part of putting them into production. You don't have that much experience and make those kinds of mistakes, and if they do you certainly don't wait to the last minute to let people know. There are things going on behind the scenes.

"But we could be doing reviews". I think this position is naive. We're not even on the client list for Merit or part of the Project Portfolio on Merit's website. Even outside of that, asking someone within the industry how long it takes even though you may get varying answers - you're not going to get an answer over a month. It's been 2. From anecdotal evidence we've heard "Merit completed their review in a week" or calls from Merit indicating "It can take from a week to a month". Call Merit yourself and ask how long one takes. Look at the last PP, we didn't use all the money; if we were still working on the BFS we'd need to be paying for it. Doesn't look that way.

So what does that mean? They can't be working on the actual BFS. Them doing reviews seems absurd. Don't forget, in addition to being a year late, we had someone reviewing the process as it went along (Jim Gray) so the chance of an issue with TT trying not to hurt their reputation further, and while having a babysitter are slim. The amount of time to do a review is far too long considering the process in any scenario, let alone one where we took steps to have supervision the entire way through.

Something else is being done. They are not working on the BFS. It's up to you to decide what that is, as anything else is speculative. The above are facts.