Galore Creek is expected to be one of the largest and highest quality low-cost copper producers in Canada, one of the few safe jurisdictions remaining for copper miners. The 2011 Galore Creek pre-feasibility study incorporates a mining and operating facility processing at a nominal 95,000 tonne-per day capacity – and forecasts production of 9 billion pounds of copper, 8 million ounces of gold, and 136 million ounces of silver over an approximate 18-year mine life. Cash costs are forecast to average $0.80 per pound of payable copper (at base metal price assumptions). Each owner has invested greater than $250 million in the Galore Creek project.

With our partner Teck, we continue to work on technical studies in project mine planning and design, as well as waste rock and water management. We expect this effort to further improve the value and marketability of the Galore Creek project. When the market improves, Galore Creek will warrant the attention that it deserves as an incredibly valuable polymetallic deposit in British Columbia with the potential to be a core asset for any mining company. Our shareholders will benefit from improved copper market conditions as the value realized from disposition of all or part of our 50% interest in Galore Creek will help strengthen our cash position and contribute toward the development of Donlin Gold.