Greg Waller's reply

Before I go into your specific questions, I should go over our policy on disclosure regarding our exploration activity with junior partners.

We do a lot of our exploration work with juniors, as well as running exploration programs on our own properties. Individually, these projects are generally not material to Teck shareholders and their decision to invest. We take our disclosure obligations quite seriously, and will not provide specific disclosures on immaterial items. Otherwise, we would have a continuous stream of releases which would detract from the significance of when we have material disclosure to make.

Therefore, we will rarely make specific disclosure on our own exploration projects.

The disclosure of information on projects with juniors is quite different. This disclosure can be quite material to the junior companies, and hence we generally leave this disclosure up to them. We do review and provide input as to what is said.

Hence, for Schaft Creek, we are quite limited in what we are prepared to say. You will have to focus on Copper Fox for this disclosure. Dale Andres is in no different position than I am as to what we are prepared to say.

As to your questions, the drilling program did wrap up at the end of October. We will take some time to review the results and it will be shared with CF in due course. As indicated above, we see no obligation to release these results on our own. The results of this work of course will be used in helping guide our work program for 2014.

Regarding our priorities, we have not made commitments for development on any major copper project at this point. Up until recently, QB2 had been our first priority, but the delay due to permitting issues does give us cause to re look at development priorities. We have not made any commitment as to when we will update on this issue.

Our relationship with CF is very good, but to be clear, we are the operator of the project and the principal decision maker on how the project will progress.

I realize this isn't as clear cut a set of answers as you were hoping for, but hopefully my introductory comments put in perspective why we have to take the position we do on responding to your questions.