How is this fair to Copper Fox shareholders?

It should be fair to both Teck and Copper Fox, and Teck cannot be compelled to produce a Feasibility if they do not think it is warranted. That's what the JV states in effect.

So we are expected to believe that Teck can hold back from us material infomation to Copper Fox?

I don't think anyone said anything about holding back material information. If Teck has a FS it will share the information and, in fact, the JV allows for a Copper Fox representative to work alongside the Teck team to monitor the progress.

I'm just saying that Teck does not have to produce a FS and that, according to the JV, they have to announce a specific FS program which they have not done. You said earlier that they were working on the FS and I'm pointing out that that cannot be correct according to the terms of the JV.

I think you are confusing things. What is going on is the optimization studies. This may, or may not, lead to a fresh FS or a modification of the existing FS. At this point we do not know what will happen.

In regards to the information from the optimization studies we have had many discussions about this in the past. Elmer has been quoted as saying that he's not sure if that information would be made public because there are regulations surrounding the release of information from the stock exchange. We cannot release just data, it has to be in a 43-101 report.

However, as I have said in the past, there is a clause that might allow us to release the data because Teck is producing the report on their own. This was all discussed on numerous occasions in the past.

In terms of valuation Copper Fox would be able to take the optimization results and give them to someone like Moose Mountain so they could produce a fair valuation. That's what they are going to do whether there is an updated FS or not.