I have not read anything from the company that would indicate they have strayed from these goals that they seem (by this interview) to have recently set for themselves.

I am still hopefull that these objectives will be met. And have not read anything on this forum, or from CUU, that would make me think any different.

posted on Sep 27, 12 12:26PM Use the IP Check tool [?]

I just got back from the Toronto show. I managed to be there when it opened and I was lucky enough to spend about 20 minutes with Mike (Jason was busy with someone else). First of all, he’s a first class gentleman and I’m glad I had a chance to meet him in person.

Below is my recollection of the discussion with him. I’ll do it in a Q&A format, and the answers are as close to what he said as I can remember.

Q: Why hasn’t the economic analysis and project sensitivity been finished yet? They were scheduled for completion in early September.

A: We are in the final stages; it requires a large amount of work and we are now pulling all the numbers together to complete them

Q: Why two reviews of the Feasibility study?

A: This is quite common in the industry and we want to make absolutely sure that anyone reading the report will not question the results

Q: Is Matt Bender the same person that worked for Newmont?

A: Yes, we were fortunate to grab him three weeks ago once he stopped working for Newmont. He’s familiar with our project and we are delighted to have him working for us.

Q: Who is paying for the two reviews (internal and Merit)?

A: We are (Copper Fox)

Q: Would that expense qualify for 4X money back under TECK agreement?

A: Definitely (big smile); wouldn’t you like to get 4X money back?

Q: Once the FS is done, the two reviews will start?

A: No, the reviews have started already

Q: Both of them?

A: Yes

Q: What happens if there is a difference between the reviews?

A: Things are being discussed all the time among all reviewers; this is a matter of fine tuning right now

Q: Are you going to publish the FS once done, or wait for the reviews to be finished and then publish?

A: FS and reviews will be done at the same time; one NR

Q: How long before the reviews are done?

A: Not long at all; I don’t want to commit to timelines, but the review process doesn’t take long.

Q: So we are not talking months?

A: No

Q: Within weeks?

A: It won’t be long

Q: Are you concerned with the daily SP, given that most buyouts are on a “premium” to current SP basis?

A: No, we'll be negotiating the value of the deposit. We all have a lot of our money invested here and Ernesto is a very shrewd businessman, he doesn’t leave money on the table. Also, CUU has held its ground better than most peers over the last year.

Q: When the liquidity event happens, are we going to get a lump sum?

A: Either a lump sum or mix of cash and shares; then we’ll have a share roll-back, probably 10:1, and do this all over somewhere else

Q: Why the sudden close camp – lets drill – no drill?

A: A few extra holes would not have helped much right now. However, if only Shaft Creek is sold, then it is a different story and we’ll go at it full force

Q: Have you considered partnering with TECK and go mining?

A: We all want to get our money out, our first option is to sell and continue exploring. Would you like to be tied up in here another 4-5 years?

Q: Is Arizona property in the discussions?

A: Everything is on the table for the right price

Q: Are there any plans for drilling the Arizona property this year?

A: Nothing planned for this year; focus is on SC

Q: How are we progressing on the environmental front?

A: Discussions are ongoing with senior level government reps and everything is on track

Q: Are we in talks with NTL?

A: Yes, but there is only us and another 2-3 projects in such an advanced stage. Hydro even hasn’t figured out exactly how they want to handle it.