The 30 days extra time took me by surprise too and I don't quite understand it.

The 30 days is linked to a 12% discount rate resulting in a positive NPV (that is the only 30 days I see). Our +FS news release in December gives 5%, 8%, and 10% for different discounts, not 12%. Looking at how the NPV gets significanly smaller between 8% and 10%, I would think that the 12% case would not have been positive just as Prospekt reported. The ROV NPV at 12% might be positive but that is not applicable under the Teck Agreement.

+FS NR: http://www.copperfoxmetals.com/s/NewsReleases.asp?ReportID=563341&_Type=News-Releases&_Title=Copper-Fox-Announces-a-Positive-Feasibility-Study-on-the-Schaft-Creek-Depos...

Yet, we get a report back from ES that Teck has 30 days to decide if the report is acceptable. I can only think that the report was positive at the 12% discount??

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My bold and I split up the last paragraph

5.5 “Positive Bankable Feasibility Study” means a comprehensive report prepared in good faith that shows the feasibility of placing the Property or part thereof into commercial production and is positive as contemplated in this §5.5. The report will be considered positive in any of the following cases.

(a) If, prior to commencing the preparation of the report Salazar and Teck Cominco agree, in writing, on the cost assumptions, economic and technical parameters and discount rates to be used, the report will be considered to be positive if it indicates that production from the Property would generate a NPV, hereinafter defined, of at least $1.00.

(b) Salazar may prepare a report without a wńtten agreement with Teck Cominco as contemplatèd in that studies a project of any size selected by Salazar but no smaller than that set out in (i) but in this case Salazar must then, at the same time, study a project ofthe size set out in (ii). The report will be considered to be positive if it generates a`positive NPV in either ofthe following two cases:

(i) firstly, the report will be considered positive if it indicates that production from the Property Would, on a project basis, generate a NPV of at least $1.00 using a discount rate no less than 12% and assuming a mine life of no less than 12 years and copper rnetal production of at least 25,000 tonnes per annum;

(ii) secondiy, the report will be considered positive if it indicates thatproduction from the Property would, on a proj ect basis, generate a NPV of at least $1.00 using a discount rate of 8% assuming a mine life of no less than 15 years andvcopper metal production of at least 50,000 Ytonnes per annum;

Where “NPV” means the net present value of the Projected Net Cash Flow, as defined in Schedùle “E”, discounted to the date of the Positive Bankable Feasibility Study on a constant dollar basis assuming the consumption of no more than 90% of the proven plus probable reserves. lf the report is positive under §5.5(b)(i), Teck Cominco may give notice to Salazar, within 30 days of receipt of the Feasibility Notice at which production rate the repon shall be considered a Positive Bankable Feasibility Study so long as the project selected has a positive NPV.

If the report is positive under §5.5(b)(i) but is not positive under §5.5(b)(ii), the report shall be considered to be a Positive Bankable FeasibilityI Study based on the size of project >studied under §5.5(b)(i). If the report is positive under §5.5(b)(ii) but not under §5.5(b)(i), Teck Cominco may nevertheless elect, in its sole discretion, to deem the report to be a Positive Bankable Feasibility Study. lf Teck Cominco does not give any notice as aforesaid, then any report that satisfies §5.5(b)(ii) will be considered a Positive Bankable Feasibility Study....