Typo bugged me.

I will take your word that there is enough capacity for 180,000 tpd. I was under the impression that stewart terminal would need to be expanded to handle the flows of concentrate due to come (still have not seen evidence to the contrary). It wasn't meant that the project couldn't be accomidated as there are plans in place to expand Stewart as well as develope a second terminal on the other side of the harbour. It was about the timliness of the upgrades and that the project likely will not start at 180,000 tpd (which it almost certainly won't). How much can stewart terminals handle today?

This is an exerpt from the Oct 2011 agreement between Copper Fox and Stewart Bulk Terminals.

"The Agreement (which can be viewed on www.sedar.com) reserves space for Copper Fox at the facilities of Stewart Bulk for construction of a concentrate storage warehouse to store up to 50,000 tonnes of concentrate and the use of the loading facilities at Stewart Bulk to meet the anticipated monthly loading requirements of the Schaft Creek Project. Pursuant to the terms and conditions of the Agreement, Copper Fox and Stewart Bulk are required to negotiate a Terminal Services Agreement that covers the terms and conditions for the storage and loading of bulk concentrate onto ocean going freighters for shipment of bulk concentrate. The Agreement is assignable to another party and covers a term from October 12, 2011 through April 1, 2019"

It is obviously going to be updated as the mine is planned to go into production in 2019 but I do not have a record of the agreement being expanded yet however (doesn't mean it hasn't happened as I know CUU and Stewart Bulk terminals have met in 2012). I will look into it more myself.

It is an observation that other parts of the project need to be developed. Another example is that highway 37 can't support the combined volume of truck traffic from Schaft, Yukon Zinc, Red Chris, Galore etc. It will be overcome and certainly isn't the end of the world (the gov't will need to build some passing lanes).

Also it is not a bash to say that in tying up Schaft Creek (like a first right of refusal) to Teck in exchange for proving up greater resources and value in the district (as the back in already gets Teck edvancing the current option area) might be in our (the shareholders best interest). 84 mil gave us what we have today, imagine what another 320 million without dilution, a commitment to bring the project into production plus whatever commitments are made for lands not currently under the option area would add to CUU share value. It certainly is not anything that I believe is under discussion but maybe it should be.

None of it is negative, it is why jumping to 180,000 tpd or more may need to be delayed until capacity is in place (and it might be in place and I am wrong) and why sitting for a year instead of selling today at a discount might be in cuu shareholders advantage.

All of it is why I have such a wide range in a buyout price $1.64 to $6.66 range per cuu share. I think today all and all it is worth more then 3 billion and will only be worth more after teck backs in.

report, report, report, I guess I'm bashing again.