The optimization studies, as described inthe press releases, consist of work carried out on elements of the FS. The JV agreement states clearly that " The

non-Operator shall cause its employees, directors, consultants and advisors to

agree to keep the contents of the Feasibility Study and matters which come to its

attention while the Feasibility Study is being prepared confidential and will not

make disclosure.... " If they are revising the existing FS then CUU cannot disclose the optimization work except under certain conditions in the JV. A production decision must be "

based on an approved Feasibility Study with such modifications, if any, as the Management

Committee considers necessary or desirable. " A new FS is not necessary since a modified version of the existing FS is sufficient. The current share price reflects the risk that Teck may not proceed with the project development in a timely manner. Any announcement such as filing the EA later this year would remove that risk. We can argue how much the share price will increase but not the fact that it will go up.