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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: Optimization studies

Let me try and clarify the steps required before any company will make a large capital commitment such as a production decision. The FS defines the scope of a project and provides enough engineering information to file the EA. Teck is reviewing the project with the optimization studies to see if significant changes are required to the project defined in the existing FS. They have to pin it down before submitting an EA, so it's possible they will carry out a update on the FS first. It is very unlikely they would make a production decision or commit capital to road building before this work is done. Everyone should be cheered up if Teck at least provides some clear sign that they intend to procede with the project de-risking after they took over from CUU. In a year and a half since the JV all we know so far is Teck is still reviewing SC.

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