Summary of Economic Results

ItemUnitBase Case3-Y Avg* CaseSpot Price** CaseReal Options Case

Metal Price

CopperUS$/lb3.253.633.693.25

GoldUS$/oz1,445.001,445.001,736.001,445.00

SilverUS$/oz27.7427.7432.7127.74

MolybdenumUS$/lb14.6414.6411.3414.64

Exchange RateUS:Cdn0.970.991.020.97

Pre-tax Economic Results

Operating Cash FlowCDN$ M10,74612,06512,16111,284

NPV (at 5%)CDN$ M1,6942,3482,4192,665

NPV (at 8%)CDN$ M5139671,0241,382

NPV (at 10%)CDN$ M25388437836

IRR%10.1311.912.1415.4

PaybackYears6.485.815.74.9

Cash Cost/lb CuCDN$/lb1.151.191.121.15

Total Cost/lb CuCDN$/lb2.092.142.072.09

Avg Annual operating Cash Flow***Millions371414425640

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Our NPV is a lot more respectable at 5%, and as Vette says - if we get the EA finished, then we have a much better value. Add on top of the given conservative NPV the value of the inferred resources - and we're looking at numbers closer to what we had predicted before.

Too much reading in between the lines and too much conservatism. We never were great at PR - though with EE, we've never had to be.