"The numbers posted on the header come from the reserves determined in the FS, which were derived from the resource numbers you posted. The May 2012 RE was input to the FS to create a mine plan and provide a high quality estimate of how much of the metal contained in the RE can be extracted economically. In general, you rarely get a pit design that recovers all of the metal in the RE but the metal that can be extracted is classed as reserves which command a higher market value"

EG,

I think we are forgetting something really important regarding this topic of discussion and is the large elephant in the room. Another aspect in connecting why the feasibility had only the 940 MT vs. the 1228 MT of M&I is due to pit design parameters and safety issues.

Is is why the 2013 drilling program was a break or make development year for the project! Results were concluded to be very positive (thank God).

From the Website:

In 2013, the Schaft Creek Joint Venture conducted a diamond drilling program to test the extension to the east of the mineralization in the Paramount Zone and to collect additional geotechnical information for pit slope stability studies.

From the Elmer:

(clearly I like the copper grade more as it does significantly impact the estimation of the copper equivalent grade.  Also the ability to expand the block model to the east should also allow deepening the proposed pit to access the higher grade copper exposed in the bottom of the pit which in the current study due to safety constraints based on engineering cannot be recovered.  If you look at the corporate presentation you will see the pit shell superimposed on the block model and there is a large chunk of higher grade copper at the bottom and in the east wall of the proposed pit shell that cannot be mined.  However if the block model is expanded to the east based on the 2013 drilling then that should allow expansion of the pit limits, recovery of the higher grade copper on the east side of the proposed pit and  conversion of the material now shown as waste to resources. If this occurs, then many aspects of the current FS related to strip ratio, revenue, mine life, etc. changes to the positive.)

This is also good to know (ROV option)

Base Case pre-tax Net Present Value ('NPV') for the Schaft Creek deposit using long-term metal prices and exchange rates and an 8% discount rate is CDN $513 million. Internal Rate of Return ('IRR') is 10.13% and a payback period of 6.5 years. In addition to the base case, three alternative cases were presented. Alternate Cases (1) and (2) are using three years trailing average and spot metal prices (as of October 15, 2012), respectively, and are presented for comparative purposes. Of particular significance is the third alternate case using the sophisticated economic science referred to as Real Option Valuation ('ROV'). NPV at an 8% discount rate for the alternative cases 1, 2 and 3 are CDN $967 million, CDN $1,024 million and CDN $1,382 million, respectively. Details about the economic analysis are on page 11 below.