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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Re: My one concern....question for the board

The 4 years for them to spend the 4x expenditures to earn their back in to the project (350 million or so).

This is not written in the old Agreement, as you said. To my knowledge we've never read this anywhere.

The 120 days to make a decision or lose the property (and Liard shares) to us is another one.

Obviously it was delivered and they negotiated a JV as per the contract and Teck made their choice, it was not mothballed (and that's not even an anti-mothball clause.) This line of talk is getting very old, and seems wilfully ignorant. The story has moved on, it's time to look at the present and towards the future.

They also got 75% ownership of everything too (lands, port, power).

You are drifting from your point about the anti-mothballing clauses. Copper Fox also received a percentage of some Teck claims that were within the Area of Interest. The port and power were negotiated to realize the value of SC, they weren't worth much on their own. They were part of the FS, and had little value beyond the contract price, and Teck paid their share.

I think Teck buying into the whole district was a very positive result of the JV because I didn't want to be left with a whole lot of remote claims that were cut off from the roads that will be built for SC. What could a junior do with so many claims that had no drilling whatsoever? It took a lot of money to get SC to this stage, I just don't think we could have managed the rest of them in my lifetime. I think we're better off having them included with the deal with Teck so that when we sell our percentage there is the whole "district" to explore for many decades for our buyer. It also points to Teck's interest in the region. Clearly they are very keen on doing something major in BC. So far GC hasn't worked out for them and I remember over the many years that a few people have said that SC would be built before GC.

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