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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: Smaller Mine

If the Schaft Creek Optimization Plan is currently focusing on a smaller mine would that new focus not represent a material development to Copper Fox Metals shareholders? Would this new focus not warrant a more specific announcement in the last News Release than just to say that they are moving the mill to a closer location to reduce capital cost?

Could we be reading too much into it? Focusing on the first ten to fifteen years may simply mean that they found a better more economical location for the starter pit.

We can be reading too much into it. I've talked to Elmer and he did say that the JV wants to focus on the first 7 years of high grade material. That being said, I think the study is still ongoing so there is nothing material to report.

The importance is that the JV (Teck) is looking at every possible way to make this mine work in this current market condition and also in the future as well.

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