"Given that the size of the project has turned out to far exceed the two production scenarios contemplated in the agreement's ection 5.5 Option B, it would have made sense for Copper Fox to have negotiated a new definition of "positive", logically at 8% or lower. "

I re-listened to the AGM tape recording again last night and can confirm Elmer explaining to a caller the definition of "FEASIBILITY STUDY QUALITY" - "at 8% discount we have a Net Present Value (NPV) of $1.00." Elmer said: "The FS demands a high level of Engineering energy and detail and that is what we are making sure - that when FS is delivered it is of Feasibility Study Quality."

I am sure CUU and Teck must have come to an agreement for this to be Elmer's basis for the FS quality and the basis for TT and all consultants. Maybe things were postponed in mid-summer because we couldn't pass the 12% discount NPV test and CUU and Teck decided to base it on 8%, thus the delay, wanting to make sure FS is perfect, no questions from Teck, one chance to do it right.

Here's the link to AGM recording dated July 19, 2012.

https://docs.google.com/file/d/0By_GKXYKkHPQdWY3LWdJUUJ5SEU/edit?pli=1