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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: Lower Expectations

The federal environmental screening application won't be submitted until this quarter according to someone's report of what was said at last weekend's show. That's definitely better than 3rd quarter, which is what was originally stated in the December conference call.

Once that is submitted it will likely take several months (and IMO up to a year) to get the completed EA report at which time the permits are also expected.

Since the project risk is reduced significantly upon receipt of the completed EA report, perhaps we'll enter into a back in arrangement just so Teck can drag things out long enough to ensure the permits are acquired and the mine can proceed.

I think this is highly improbable, but nothing would really surprise me any more.

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