Teck has entered into a JV agreement with Copper Fox (CUU-V, not covered) regarding the Schaft Creek property, a copper-gold exploration property located in Northern BC, 26km from Galore Creek. Teck will hold a 75% interest in Schaft Creek and Copper Fox will hold 25%. As of May 2012, Schaft Creek has an estimated measured and indicted resource of 7.1B lbs of contained copper at 0.26% grade. Assuming a 0.50% copper equivalent cut off grade, the measured and indicated resource would be approximately 2.7B lbs. Teck will make an initial $20M payment to Copper Fox and has committed to two additional $20M payments (at the production decision and at mine completion). Teck has also agreed to fund the first $60M of development costs and fund Copper Fox's 25% portion of costs above $60M. Due to the relatively early stage, Schaft Creek is not in BMO’s model, but represents a potential next-generation project following QB2 and Relincho.