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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: Greg Waller's thoughts

I agree, Teck will take their time and plan on squeezing every recoverable ounce out of SC, that means detailed analysis of the 2013 cores and correlating to their block model and latest mine plan draft.

However, with QB2 on the back burner, GC and other plays ongoing, NTL online next year, what I'm waiting for is the NR from CUU based on the data that Teck feeds them on the core results. Only then will we as 25% stakeholders of SC be able to reflect on the eventual buy-out offer from Teck and/or another partner if Teck will not pony up fair market value for our 25%.

Put yourself in Teck's shoes, would you not want to be able to pick your own partner for 25% of one of your future operational bases for base metals in a safe and politically stable jurisdiction? CUU from day one have stated that they are a resource development company and have no interest in being an operator. They did what was asked of them albeit perhaps not as efficiently and timely as us shareholders would have wished, but then again perhaps in hindsight we had our sights and expectations set a bit too high.

These are the reasons why I've resolved to wait until the very end of this play, you don't lose money until you sell, and the way the market currently is I'd rather hold off until end 1Q14 to see how this one plays out. To potentially miss the boat after nearly 3 years investment in CUU would be a rash decision for me personally.

Max

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