Where do you think the other 1/2 of the metals went? Webs once talked about a mine beneath a mine. I am convinced based on this BFS that they had to pretty much rework the entire pit and perhaps shift it or broaden it to accomodate the drill results since 2008 PFS. This was obvious when they started to step out with the drills in the paramount zone. Now when you broaden the project like that you push the diameters beyond the more closely spaced drilling that contributes to the M&I portions of the project moving into the inferred metals. They have to be removed and because they can't contribute to revenue generating rock and become a cost for the purpose of a feasability study, they give us the 'false impression' that the economics are not there in the project and that something has gone wrong. This is not the case. These inclusive #'s are known by TT, Elmer and Teck and the calculations have been done and I'm certain that Elmer will be able to speculate on this given the 1:1 correlation and what impact this has on NPV, payback, IRR, etc. They have likely made the pit much larger for many reasons, but bottom line is you have to move out to move down. With the P&P of the BFS representing only half of the metals in MI&I of the RE, the pit likely isn't that deep.

Another thing. Did anyone catch the CuEq ? 0.44% Give me a break. TT used their own long term metal #'s of 2.97 Cu, 16.80 Mo, 1256 Au and 20.38 Ag to come up with that. I think I heard from someone a month or 2 back that the mine feed will be realistically more in the range of 0.58% CuEq But remember, this study is about derisking through worse case scenarios and being realistic. Elmer said that Teck wanted a realistic BFS and that is what they got. Recoveries in this BFS by TT were also reduced at 60.9% Mo, 70.6% Au and 43.4% Ag yet in Feb 2012 Metallurigcal testing recoveries averaged 89% Cu, 64% Mo, 73% Au and 58% Ag.

http://www.copperfoxmetals.com/s/NewsReleases.asp?ReportID=505304&_Type=News-Releases&_Title=Copper-Fox-Announces-Drilling-Intersect-of-0.96-CuEq-Over-110m-and-Reports-...

Lets relax here folks.