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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: Another date to consider
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Mar 01, 2013 09:13PM
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Mar 01, 2013 11:13PM

"1) Teck has 30 days from receipt of the Feasibility Notice(FN) to declare what size of project is deemed to be a PBFS( as per section 5.5 b)"

I don't read it that way

The intent of this paragraph is to provide Teck with the flexibility "at their sole discretion" to accept any FS that may not conform to the 2 preset conditions for automatic acceptance ie

1. One capable of producing 25,000 tons of copper metal production for 12 years with a NPV of 12%

or

2. One capable of producing 50,000 tons of copper metal production for 15 years with a NPV of 8%


The language is not artful, but the intent is obvious

A project that clearly satisfies either of these critera meets the incentive provision to earn the Teck interests

A mine that meets only 2. is an automatic qualifier based on size and NPV

A mine that falls between the 2, on either size or NPV, may be deemed by Teck at its sole discretion to meet the incentive provisions, however they reserve a 30 day review period to make that determnination

If anyone can dissect that language and get any other understanding, I have yet to hear it

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