From: MTS
Sent: July-16-13 11:05 AM
To: Michael Smith
Subject: Joint venture with Teck
Hello Mr. Smith,
I have been a shareholder of Copper Fox for five years now and during all that time I understood that CUU intended to sell their interest in Shaft Creek upon a Bankable Feasibility Study either to Teck or to someone else, and at no time did they intend to build a mine. I am perturbed by this morning’s news release whereby Teck and CUU say they are going to do build a mine via a Joint Venture agreement. Is this really what is going to happen? Is Mr. Stewart going back on his word about not building a mine, that CUU are explorers and not mine builders?
Hi MTS,
I am sorry that some confusion seems to have occurred here. The Schaft Creek property was acquired by Copper Fox from Teck under an agreement (option agreement) which provided them (Teck) the option to earn back into this project at any time for varying percentages to a maximum of 75%. They have exercised this option. Copper Fox believes this development is a significant enhancement to the overall development of the Schaft Creek project as Teck has the resources and capacity to develop mines of the scale contemplated for the project. This in no way diminishes the ability of Copper Fox to sell its 25% interest going forward if it so chooses.
Thank You
Mike
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