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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: Optimization studies

In a year and a half since the JV all we know so far is Teck is still reviewing SC.

It is a "high-level review" that includes, metallurgical, pit slope design, geological modelling and environmental of the Schaft Creek project, and a mapping and core re-logging program, geometallurgical modelling of the deposit, resource modelling and a review of the precious metal content, a review of the location and size of the milling facility, tailing storage facility and camp facilities.

It wouldn't take much to update the FS after they have completed this work, if it is needed for the EA. Yellowhead mining, per your example, estimated they would need a couple of months to go from optimisation to updated FS and then submit the EA.

I'm going to keep an open mind on the Early Works projects, such as the road. Teck wrote a clause in their JV Agreement just to cover this eventuality and therefore I think it is a possibility. Besides, our share of Early Works costs come out of the $20 million Teck is supposed to pay us on making a production decision, and that alone makes me believe Teck might go ahead.

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