Elmer B. Stewart, President of Copper Fox stated, "We are very pleased with the preliminary characterization testwork on the mineralization from the Eaglehead project, particularly with the percentage copper recovery in the low grade sample. The purpose of this work was to determine the preliminary metallurgical characteristics of the mineralization from the Eaglehead project. The positive results from these tests indicate that a significant amount of the copper can be recovered from the mineralization into clean concentrates with good copper grades containing significant by-product credits. With these results in hand, we will work with Carmax to plan a program to be completed in 2015. Additional testwork when completed would include a more detailed and comprehensive testing program as well as preparation of a separate molybdenum concentrate and a significant number of locked cycle tests."

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So it looks like we will be spending our precious tax refund on Carmax after all.

I appologise in advance to those that want this to happen, but to me this is a big dissapointment.

We finally have some cash on hand (and some future security/comfort) and we are spending about 750k on the VD PEA, and who knows how much on the Carmax 2015 work plan?

I hope they check on water availability for VD before proceeding with the PEA. A poster on another board that lives only 100 miles from Miami says water is a very big issue - the singular biggest hurdle. New access to water for mining is very difficult, miners with historical access continue to have access, but new projects are apparently very low priority due to the drought conditions there. I don't know enough about how much water we would be using with this method, but I assume the acid needs to be diluted with water and pumped down the holes to disolve the copper, then pumped back out to retrieve the copper. I think I read somewhere that they have to rinse the acid out after extraction is complete? If we are expecting to be able to sell this, maybe water rights should be secured before spending on a PEA? If water rights are not forthcoming, any money spent on that project is money down the drain.

If anyone knows that we DO in fact have water rights secured, you can flush the above paragraph. Please speak up if anyone knows anything more on this topic?

Hopefully the Carmax 2015 work plan is a very limited one.

Just because we have some cash doesn't mean we have to spend it!

I know there are those here who think this would be money well spent, but personally I just can't see it.

This project is early stage - its going to need a vast amount of cash. The property is so huge. We have too many pans in the fire, and no legitimate way of funding all of them without dillution, IMHO. If water is sorted out - lets do the PEA on VD. That is a reasonable spend amount considering our cash on hand. As we saw with SC, $90 million can be spent fairly easily - and Eaglehead is comparible apparently?

Carmax is a good project to start on when SC is sorted out. Are we going to cook our golden goose to start another massive project? It is a concern for me...

I hope he was just talking about further grinds and float tests for Carmax as mentioned in the recommendations - and not more drilling. If spending is minimal, that would be better IMHO.