Welcome To the Copper Fox Metals Inc. HUB On AGORACOM

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: Open letter to Management
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Jan 07, 2013 11:45AM
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Jan 07, 2013 01:26PM

- Fully explain the effect on converting the 171 million waste tons (and $1.2B cost) to a reasonable M+I based on conservative grading and what that might do to the mine life extension and the IRR

They can't do this because there are very tight disclosure standards and they can't suggest that any of this material can become a reserve without further drilling, beyond what they've already stated. They would only be guessing at the outcome right now and they can't put that in a news release.

The minerals shown in the Resource Estimate no longer count because the feasibility says they are not economical to mine. Until further drilling is completed and assessed we can't claim more than the 940.8 million tons.

"It is also inappropriate to refer to the gross value or in situ value of resources and reserves. Ascribing gross values to resources and reserves remaining in the ground without disclosing potential capital and operating costs and other economic factors is meaningless and potentially misleading."--TSX disclosure standards

Fully explain that Teck now has 60 days to form a Joint Venture with CUU to manage the Schaft Creek mine.

This isn't quite accurate. They have 60 days to deliver a JV to Copper Fox and then Copper Fox has to review it and both parties have to do their best to come up with an agreement. There doesn't appear to be a timeframe on that process. (I had to go back and read the clause myself because I also thought that they had to reach the agreement within 60 days, but apparently not.) At 20% they would not be the operator but after they earned their 40% they would.

There should be no problem including some of the great positive statements and "management's speculation"

They aren't holding back under any consideration for Teck, there are very strict rules about what they can say.

"The disclosure of the results of exploration and development activity on mineral properties must comply with the requirements of the Toronto Stock Exchange Policy Statement on Timely Disclosure, the Ontario Securities Act and all applicable policies and rules of the Ontario Securities Commission and any other securities regulatory body having jurisdiction over an issuer listed on the Exchange."

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