Thanks for the notes JA.

The 30-day thing is very disappointing given that we had heard they were waiting for Teck to approve it, and that was part of the reason for the delay past September. We had heard that Teck did approve it and everyone seemed very pleased about that.

In the Agreement it asks for two levels of positive feasibility: one where there is a NPV of $1 using a discount rate no less than 12%, and one that uses a discount rate of 8%.

Because we did not produce a postive feasibility study at the 12% rate, Teck is given the 30-days in which to review the feasibility and declare, in their sole discretion, whether to deem the report a positive feasibility study. I had thought we had passed this hurdle before they announced the feasibility results. Apparently not.

We should have avoided this clause because it allows for an agreement on the cost assumptions, economic and technical parameters and discount rates to be used, between Teck and Copper Fox before the feasibility was written. If this agreement were in place then we did not need to wait those further 30 days. I would have thought they had this agreement.

Teck should give its approval on the 8% figures because it is very common in the industry to use those numbers. I can't really seeing them argue that they need the 12%. Still, though, another delay of sorts.