It is sad to hear many longs are selling their positions in Copper Fox, especially since they been here waiting for many years. I believe this is not the best course of action as the price has bottomed and stabilized in the 11-13 cent range with strong support. The recent move up in price before the downward fall was due to high anticipation of big project advancments, a new phase in project development.

I think there is value in this year's work program as it will lead to a new "Resource Block Model". This updated model could address the two big elephants in the room:

1) Inferred waste rock

2) 40% of the M&I resources outside the pit shell (unsafe to mine due to slope stability)

This program could be very important based on the above facts and would lead to a revised "resource estimate" of metal tonnage. This could actually be completed this year after the summer season during the Sept-Dec months. I am in a wait and see mode to assess where this project is going near term. There is great value in this deposit and the real economics will advance the public interest. Industry professionals have recently stated that the mining industry is cyclical and when prices rebound there will be an increase M&A activity. The companies that will benefit the most are those with projects that are world class in nature and are of tier 1 status like SCHAFT CREEK. What helps me sleep soundly at night is having Big EE on their side:

"Mr. Echavarria's long term objective is to continue supporting Copper Fox in its growth and in seeing the market value the company more in line with its net asset value"

This is vital to understand as the company itself is stating this claim on their public website so they must have strong confidence in the future value of our shares. Big E wants our market value to be in line with the asset's NAV. Currently we (as shareholders) do not know what the real NAV (Net Asset Value) of the Schaft Creek mine is. Elmer stated once in a corporate presentation slide, based off the 2012 BFS we were below 0.25 NAV but companies with advanced projects wanting to sell their interests get closer to 0.75 NAV valuations. I read a report that stated companies typically want above 1.00 NAV of a project (probably in good times of an industry cycle). So based on that information, we are greatly undervalued and I continue to buy.

At the moment, Teck is working on the SC project and over the last 3 years have been systematically checking the project and analyzing the numbers/data. Now is not the time to sell at these depressed levels especially when these plans could update the model. Before anyone commits to spending an immense amount of money on a product (car, house, mineral deposit) you look at it and do not buy it blind.