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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Where are they????????

Right now it's not clear what's going on between Teck and CUU and why Elmer has stated publically that a new RE may be needed. The end result of other optimization studies I've reviewed is an RE. Elmer has been quoted with comments like "getting it right" and "only one chance to get it right". What else could that refer to other than an RE number? I suspect that Teck has delivered a draft RE estimate to CUU some time ago and CUU is going back and forth with their consultants and Teck to review all of the technical analysis used to arrive at the numbers. If there is a material difference between the Teck RE and the FS then the impacts are significant. Teck would use these numbers in their next resource/reserves report( they booked nothing for SC for 2016). Once CUU agrees to the numbers they have to make adjusments to their reported reserves. And those will be the numbers used to estimate a market value for SC. I see no value in guessing what the new numbers will be. I'll wait and estimate a market value once the new numbers are released.

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