Good discussion, I will provide some colour. Essentially 2016 is a big year for Copper Fox as it could be this year's work plan that could tie everything together into a new little present as we enter into a new phase of project development. I await the 2016 work plan to assess this story as our next steps need to be serious project advancements that connect the last 3 years of mine development into a final product (The Schaft Creek deposit).

With the last technical report being produced 3 years ago, a great deal has changed for the better in both a technical and environmental sense in regards to the SC project. I am hoping this next program includes an updated resource estimate and mine plan which could then revise the economics of the project by updating some aspects of the BFS. The completion of the Optimization studies will help determine the new mine plan. Copper Fox wants to sell this project for a reasonable price and needs to see the optimization studies prior to commencing an asset sale. An EA process beginning and Teck announcing interest would further de-risk the asset. Many aspects of the project have changed since the last report which is a positive.

The SC deposit within the last 3 years has improved based on new data collected and drill results that warrant further investigation. To this date, the company does not know how big this deposit is as it is open to the east, north, west and at depth! The southside of the Liard zone has limited drill holes at shallow depths as this area shows great mineralization potential. It has a strong signuature that could continue expanding the resource. Elmer can determine a value and present an offer to Teck at anytime in which they would have 60 days to accept or reject our asking price. Depending on what Teck decides, we can then sell our interests to any mining company if Teck rejects. Of course, Teck gets a first in line approach before any other company based on the JV terms. Copper Fox believes Teck will not develop Schaft Creek alone. The plan seems to be Teck selling some of their interest in SC to another mining company in which this other company(s) would put up financing to earn their share/interest in the project. The question is whether Copper Fox will still be around when this process is taking place. The biggest problem for Copper Fox is, when is the best time to put up the "for sale" sign and offer a sale.

The 2013 work program was a big year for Copper Fox as it was about Pit Slope stability. This problem was resolved and our biggest hurdle was cleared! The 2013 program included understanding the exploration potential, increasing the size of the resource, and obtaining geotechnical information pertaining to pit expansion and upgrading inferred resources. This was a positive development as they announced successful exploration and geotechnical content and data (see bold parts of company statements).

"We are very pleased that the 2013 drilling program extended the mineralization between 100m and 300m east of the current resource block model and has also tested several blocks of inferred resources in the Paramount zone. The drilling results support the interpretation that the mineralization in the Paramount zone could extend to the east past the limits of the current block model. The extension of the mineralization into that area of the Paramount zone that was previously categorized as waste in the feasibility study prepared by Copper Fox and the testing of the inferred resource block within the pit shell could have a positive effect on the economics of the Schaft Creek project."

DDH SCK-13-432 intersected an upper interval of copper-silver mineralization and a lower, much longer interval of copper-gold-molybdenum-silver mineralization. This hole located 200m south of DDH CF415-2011 tested a block of inferred resource and extended the mineralization an additional 120m to the west beyond the western edge of the inferred resource block. This drill hole also intersected a higher grade (76.5m core interval) zone of copper-gold-molybdenum-silver mineralization within the indicated resource block starting at a core interval of 81.0m.

DDH SCK-13-433 intersected two intervals of mineralization. The upper interval is 108.0m in length and is located approximately 300m to the east of the current block model.

DDH SCK-13-435 tested a block of inferred resource contained within the current resource block model and intersected the mineralization on average 100m east of the indicated and measured resource block. This drill hole also intersected a previously unknown zone of higher grade (43.6m core interval) copper-gold-molybdenum-silver mineralization immediately adjacent to but outside the inferred resource block on this section. A second zone (42.9m) was intersected within a portion of the current block model classified as an inferred resource.
DDH SCK-13-439 was a geotechnical drill hole that intersected a 29.0m interval of lower grade copper-silver mineralization commencing at a core interval of 38.0m. This zone of mineralization is located outside the western edge of the current resource block model on this section.

DDH SCK-13-433 and DDH SCK-13-435 extended the mineralization to the east on the Paramount zone intersected higher molybdenum (0.025% versus 0.019%) grades compared to the average for the Schaft Creek deposit.

As you can realize, from an economic and value perspective we improved the SC deposit greatly. The joint venture from 2013-15 has continued to improve their understanding of this deposit from a structural and technical basis. It is clear now based on the data collected we can expand the pit shell as we found mineralization to the east of paramount. The JV needed to expand the east side to enlarge the Pit which will allow us to now deepen the hole to get access to the M&I resources outside the pit that was before not safe to mine. We also are able to turn waste rock into generating ore from pit expansion by going east. With this development being known we now have access to 40% of the resource that was outside the pit which will improve all aspects of the project like mine life, strip ratio, revenue numbers. The 2013 program was able to expand the size of the resource!! We now need all this data put into a technical report and update all aspects of the deposit. These objectives helped reduce costs per pound of copper produced and increase the economics. Teck needs to determine the size of this operation to put the EAA into play.