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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: Schaft Creek Disadvantages

Good lists of advantages and disadvantages, RT. The biggest issue I still see is the economics. NPV or ROV, doesn't matter, neither are very good as things stand right now with the FS. Even the best case is still not very good and the biggest economic boost to my mind remains undrilled.

Had an interesting chat with one of the geo's from Tetra Tech last week. He said ROV isn't used that much in the industry and that few actually understand it or can do it. They have one person from the Vancouver office who does it. But again, the ROV isn't amazing considering the investment required as outlined in the FS economics.

Talked with one of Teck's global gold sourcing staffers last week too (teams source the world for gold projects and JV opportunities with juniors, I'm sure they do the same for copper). They still use NPV8 when evaluating projects at an initial level, so it remains a rough benchmark. Obviously Teck will know the realities of Schaft Creek better than the Schaft Creek team, if they are serious about backing in, and they will have their own economics worked out. I still don't see how they can give us "full value" (whatever that is in our minds) for the waste rock and other inferred with the report that currently stands today.

I tend to agree that the markets aren't that far off in valuing Schaft Creek, and it's pretty disappointing at this stage considering what many here have invested (not just in money, but in time). I've largely dismissed the idea now that we have some stellar, super-galactic deposit that has somehow slipped under the radar of major funds and analysts. We may not have had much coverage, but we were the top TSX Venture stock for 2010. It's not like no one knows about us.

On the bright side, the show isn't over, but it's feeling a bit anti-climactic with the direction we've been heading. I think it's going to take pulling a rabbit out of a hat to meet the lofty expectations that many of us had for CUU (imo). Maybe we'll get a "good" surprise one of these days soon.

GLTA

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