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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%)

Message: Smithers Presentation


The presentation given by Elmer was the one found on this CUU page, although I recall the date on the one he gave was from February/March. There may be some slight changes, but from what I can see the two are identical.

Here are some bullet points that I picked up while there:

Overall the tone was uplifting... considering where the share price is. He reiterated that they are in discussion with Teck, but did/will not (because he obviously cannot) go into details. He stated that they do not know what Teck will do, but he believes (his opinion) that Teck will only do one of two things. They will either take EVERYTHING, or they will walk away from the property entirely. I get the impression that he does not think they will walk away, but he was very clear in stating that he does not know what they will do.

They (CUU) has no plan to become a producer. If they are left with a percentage of the property, they will look for buyers for their portion. That searching will take time, and they will be partners in a joint venture until such time as a buyer for CUU's portion is found. Again, keep in mind that this is only if Teck chooses one of the (20, 40, 75) options instead of either a) taking it all or b) walking away.

The EA is going to be approximately 11,000 pages long, and they anticipate having it submitted in Q2/Q3 of 2013. They have been keeping the EA people up to date with all information as they produce/discover it. They are hoping that their approach of giving and getting feedback from them will help the EA application go more smoothly. This makes sense to me. If the receiving party has been giving feedback along the way... it does make sense that they will have less to complain about when the final application is submitted.

Elmer believes that this is a Porphyry district, and he emphasized this many times during the presentation. This is why they've been buying up the claims that they could. They believe there is more there still to be proven up.

They are working on the 2013 drilling plan right now. They anticipating getting started in May of this year. They are NOT waiting for Teck to announce their back-in option. They are developing the plan such that, if Teck takes everything, the plan will be logical for Teck to continue on with.

Elmer said that June 4, 2013 is the final day of the 120 day countdown. They could not comment on whether Teck will take that long, or if they will announce their option earlier than that date.

Elmer touched briefly on the fact that Teck had recently rejected a BFS from another organization. When asked if Teck could reject our BFS at any point during the 120 day period, he indicated that they technically could, but doubted that they would. He emphasized that many Teck-associated people have been involved in the BFS process for some time, so HIS OPINION is that they will not ever reject the BFS. He did not mention the 30-day review period being lapsed. He did say that while there may be a lawyer somewhere that maybe could find some reason to reject the BFS, he did not feel that this would ever happen. Overall his tone was upbeat. He feels good about the BFS.

The waste rock: If we had tried to prove up the waste rock last year, they BFS would have been delayed by another year at least. They wanted the BFS more, so did not continue proving up the waste rock.

There is approximately 40km of shared road that Galore uses that we will use as well. There are very few opportunities for shared resources, but that first 40km of roadway is one of them. The concentrates from one deposit to the next is different, so there are not likely to be any shared resources as far as processing is concerned.

This review is sort of point form in an order that I could remember the details. I made notes, but I did not make great notes.

I feel great. I feel absolutely comfortable that we are in good hands. I feel like the payday is still there waiting at the end (whenever that end comes). Screw the share price.

It's lunchtime and the Canucks are on TV. I have not proof read this post. My apologies if there are inconsistencies that confuse you. Ask away. It may take me a couple of days to get back to answering you. Be patient.


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