I called Elmer today and had a long overdue chat for the best part of 40 minutes, last time we talked was December 2012 after the PFS went slightly pear shaped. For the longs here I was the Scottish voice on that conference call on Xmas Eve.

I'm still holding for the long run, have been since 2011, but wanted to clarify what the NR was saying wrt. the new permit application. According to Elmer this is just forward planning to expedite just in case there needs to be additional drilling done based on the outcome of the updated resource model. I asked if the cap of 50 drill holes was a financial one or based on Teck's review of the resource model to date, in particular regarding the 171 Mt inferred waste and the potential to be re-assigned as M&I. I was made aware that the waste rock size is also dependant on the pit slope, and that has been the subject of Teck's scrutiny, taking into account the seismology of the SC area and the rock formation type. In essence higher pit slope gradient = less waste rock to move.

We have been waiting so long for Teck to make an offer, or to have an updated RE and improved base metal market, we may just get some our wishes by Q1, at least with the updated resource model. I also suggested that a revised 3D model for SC would be a good thing to see for investors, including the additional drilling that was done by Teck.

Elmer has project conference calls with Teck every few weeks, so no news is not necessarily because there is no progress. Teck are being extremely detailed with their data review, plus they also have been waiting for the extended commodites cycle to turn for the better. EE is also apparently still good with his CUU investments.

I also asked about our other assets and whether or not there was an opportunity to get some return on them with the upswing in the copper price, especially Van Dyke. With an estimated cost of $0.52/lb and an apparent Cu leach efficiency of 68-80% this one may well attract the tire kickers again.

I asked about the Carmax situation, we're all waiting for the outcome of that one.

I asked about potential share dilution and also if an offer was made by Teck in the form of shares would the CUU board go for it. I also asked about the future of CUU post-SC sale. I got the impression that this will be Elmer's last big project before retirement, he is 66 so that may just be the case. He has a lot of CUU shares that he wants to see a ROI on, Teck want to see a financial model that gives them 16-17% IRR on a large investment. Time will tell what happens first...

GLTA, I now return to lurk mode...

Max