At a quick read through these are some comments that I find interesting:

The 2012 exploration program was designed specifically to avoid any work (diamond drilling, metallurgical test work, etc.) on the Schaft Creek deposit which if successful would have dictated a suspension to update that portion of the Feasibility Study.

I really find this hard to believe.

On completion of the Feasibility Study, Copper Fox earns Teck's 78% interest in Liard. Teck's earn back option to acquire either, 20%, 40% or 75%, of Copper Fox's interest in the Schaft Creek Project is triggered upon delivery of a "Positive Bankable Feasibility Study" (as defined) to Teck after which they have 120 days to make a decision.

So why haven't we had those Liard shares transferred then if we have earned them? They haven't really cleared up the matter of whether it is "bankable" or not.

The financial requirements of Copper Fox related to the potential development of the Schaft Creek project are mitigated to some extent by the obligations of Teck should they exercise their earn back right on the Schaft Creek property. Additional funds will be required to complete the current planned activities and the Company may need to issue additional equity in connection with any development of the project (Refer to Teck Earn Back Option).