We have two options going forward should we need to raise funds and avoid dilution:

1. We have a very large tax refund coming to us this year. It could be up to $12 million. After that happens we'll have a better idea of how much money there is available. This could show up in the soon to be released financials.

2. They will spinoff Northern Fox and Desert Fox and raise funds under those corporate entities and leave Schaft Creek alone with CUU at 413 million shares until Teck makes a decision.

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I have to ask how much are we going to need? We have so many irons in the fire and all will need funds to develop into anything saleable. Why start these projects without a plan to finish it? Maybe they do have a plan? We just are not privy to it?

From what I see, we have Carmax, Van Dyke, and Sombrerro Butte as active projects that will need funding to generate a return on the investment.

Van Dyke:

• is more drilling needed
• how much for PEA and FS
• what is the value of surrounding producers (indicates what we might be able to sell for after all the work is done)

Sombrerro Butte:

• what will the titan survey cost
• are we going to persue this property or are we shelving it

Carmax:

• how much more drilling needed
• is the open at depth economically mineable
• is road construction or the amount of overburden to get at the paydirt prohibitive

We spent 80 million on Schaft Creek and even after all that the FS needed to be optimized further and waste went undrilled. How far is our cash and tax refund going to take us? Do we have any hope of getting any of these 3 projects saleable?

If Northern and Desert were spun off, is it feasible to think money could be raised in this jaded market? My opinion is that would be exceedingly difficult if not impossible. Not with what we have seen so far as far as drilling and titans have shown. I think only the most promising properties with spectacular and mineable reserves will be able to raise cash to bring forward.

In my laymans opinion, we had the opportunity to be like no other venture company - flush with cash and able to ride this bear market out effortlessly. Our SP has definately been supported by our cash position, and as that dwindles, I think our SP will follow...

If we were not in such a funk market-wise, I would support the expansion - but we are in a deep bear market and many investors wouldnt touch the venture anymore. Cash is king and we should have been conservative in my opinion. Im not running the company so its easy to call the plays from the sidelines, and I admit I dont have all the available information - this is just one shareholders opinion. It just seems the big payday from any of these 3 projects is either unlikely due to less than stellar results or the cash needed to make it viable. NI dont think any of these projects are slam dunks and that is what is needed to get funding now.

Can we survive long enough to make it to the bull market again?

That would have been a slam dunk if we went conservative and waited it out at minimum burn rate. Now not so sure...