Good evening, I called Elmer today for the first time and I first off would like to say like many others have in the past that he is a straight shooter and was more than willing to chat and answer questions. He encouraged me to call back if there is ever anything that I don’t understand or feel is missing in an NR, and that offer was genuine. He would much rather talk with people, than have people buy into the speculation and false items sometimes being snowballed on these types of forums. Like many others have suggested before, if you are ever unsure of things, I would strongly suggest just picking up the phone and calling in.

We chatted for about 35 mins and I would not want to betray his trust or anything so I wont share everything, but I will address some things that I have seen on here that perhaps my conversation can clarify for others.

As for the 400 K to Carmax, basically this was done to create flexibility so that if they needed to extend capital as they already have with the 100K, that they would not need to go through all the paperwork once again.

As for the Laird shares, CUU does own 1.55% of Laird shares outside of the JV agreement, and aside from potential value here, this is also something to protect us by giving us minority shareholder rights.The opportunity to purchase the 7% last week came up and the JV agreed this would be worth acquiring.This does not necessarily mean Teck is for sure moving ahead, but simply that the JV deemed it wise to purchase these.

The VD PEA is still being processed and then needing to be filed…after which Elmer plans on setting up meetings with the Majors in the area to discuss what we have.

The goal of the optimization studies as was stated in NRs was to be complete by the end of 2015.He hopes that by January’s JV they will have all the numbers and discussion can be had from there about what Teck wants to do or at least have the numbers to crunch themselves so that we can establish what fair value for our share actually would be.

As for the EA, I felt very assured that he has a strong confidence that the BC government sees resources as their future and with a strong BC partner like Teck we are in a good position – since Teck’s environmental department are not new to the BC government but work well with them.The EA application would have to wait for the optimization studies to be complete since we would need to know our output size.

I was assured of some general things that I think some people may like to hear:

-He is a shareholder too, and so things like dilution are not appealing to him either, and so things like that would only happen if a necessity, and only to raise money that would be necessary.

-He is answerable to the board and has the obligation to do what is best for all shareholders, not just some (as the idea that Ernesto is his only focus is often shared on this forum)

-I don’t believe he knows Teck’s intentions, and is hopeful like the rest of us for positive outcomes with our projects.

-Elmer doesn’t just want to survive but wants to responsibly advance our assets in these tough times so that we are in a good position when the resource climate does turn.

I, personally, like to take people at their word (a handshake means something to me). So I choose to believe what he shared with me and was grateful that we have a CEO that is so approachable.

Nothing too new or insightful in this post, but if this was helpful to you, great – I have always appreciated hearing summaries of conversations others have had with Elmer, so I wanted to return the favour.

Cheers

Spitfire

PS Money K, I would be very interested in a deal for Tck shares...I have been selling a bunch of my other investments to stock up in Teck...it seems to me like a no-brainer.