Most here are constantly focused on dates....and as a result have been dissapointed more than not. I count myself in that category at times.

I spoke with Mike for more than 30 mins at PDAC. From that discussion I am confident that Teck will make their decision known well before the 120 day period expires in early June. Cuu is negotiating in good faith with Teck and is not about to make demands for Liard shares when they very well may be transferred back in days or weeks. As for a rejection of the BFS, Mike said do you really think they would wait this long if they were not interested? His thought was they would have advised Cuu right away if they were not interested in proceeding.

Don't expect a press release to confirm what they already assummed to be true, that we are bankable. Let the process unfold. These negotiations take time and are very complex. I am confident Cuu is representing shareholder interests well in negotiations taking place now.

Rest assurred that if negotiations go off the rails Cuu will take the necessary action to protect shareholder interests, based on their legal interpretation of the agreement.

I believe these discussions with result in a complete buy-out of Cuu, or if Teck is not willing to agree to our price, a J/V will be formed that will supercede all of the issues the board discusses ad nauseum everyday....4 year clause, Cuu control, etc...these will no doubt be negotiation leverage for Cuu, but will be reworked in a new J/V document.

I am willing to accept the outcome under either scenario and trust management will make the best deal possible for all shareholders.

DC14

Note: Mike advised they have finalized a drill plan for 2013 that will be announced in the near future but as to who would be responsible for carrying out that plan remains uncertain.