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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: SC vs QB2

Took a further look into the numbers.  When using 0.80 as an exchange rate and the SC 2013 FS numbers only:

- QB2 will generate around 1.1B US or 1.38B CA

- Schaft Creek will generate around 664M US or 830M CA (without other improvements)

Sumitomo roughly paid 1.09 times the one year net cash flow (USD) for 30% of QB2 + rights to contribute to QB3.

If we are valued the same way, we could expect 723 US (946M CA) for our 25% (including liards shares, etc) giving them also rights to phase two that would use the other 50% of the ressources available.

If they can increase the net cash flow by 50%, that would bring us to 1.4B CA.

Since QB2 only uses 25% of the available reserves and Schaft Creek uses 50%, I'm not sure what value they would put on us, but many have mentionned something between 800M and 1.2B

Seems right in my opinion.

MoneyK

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