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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: Re: Possible Scenarios
8
Jan 25, 2013 10:22PM
2
Jan 25, 2013 11:14PM

Elmer told us in the webcast after the BFS was released that Cuu still owns 100% until Teck fulfills their obligations under their back in agreement. As such he also mentioned that a management committee would be formed with Cuu directors in control and all expenses would have to be approved through it as qualifying expenses under the back in agreement. No doubt Cuu and Teck would work together to put a plan of action to improve the economics of the project and part of that would be to further define the 171M of waste, plus Paramount zone and other targets. This money would all be spent on SC so I can't see Teck objecting to that. At the same time our value increases. Under the 75% option Teck has to spend 340M on the project so spending say 30 - 40M on a drill program to expand the resource should not be a problem for Teck (as they would eventually do it anyways regardless).

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