What needs to be understood is that Teck is in no position to move this project forward at this time. They have been busy the past year or more squeezing their supply chain for every nickel just to stay above water and make some profits. They have turned the corner and positioned themselves well for when commodities take off again. They have commitments in Fort Hills and other projects that have to wrap up first. When commodities start to move up significantly along with their cashflow, they will get serious about developing Schaft Creek. The question is not if but when in my opinion. They are certainly not going to move forward in the current environment.

I would bet that if copper had stayed above 3 bucks all this time, Schaft Creek would be under construction by now.

We basically are shelved for now and its anyone guess as to how long we wait.

I continue to hold and have been adding to my position, fortunate to have the luxury of time. The real concern being Copperfox staying afloat without further dilution.

All the best,

Radagast