I believe Teck and Copper Fox are planning to re-vamp the perception of the Schaft Creek project. Elmer once stated that he would transform this deposit from "an ugly duckling to a beautiful swan". With the joint venture partnership announcing these "Optimization studies" I believe we are on the verge of doing exactly that. I have been a strong advocate of these reports because of their huge importance to the development of this project.

The core re-logging program is huge news for us and I feel many do not realize the potential value is can bring to shareholders. To fully understand what I mean, please read both links below to understand my argument:

http://www.marketwired.com/press-release/paramount-golds-sleeper-project-re-logging-program-finds-unassayed-core-with-good-gold-nyse-mkt-pzg-1894574.htm

http://www.klondexmines.com/s/news.asp?ReportID=582862#sthash.4paBh25b.dpbs

This core re-logging program could mean a few things in relation to the progression of the final product. This re-logging program will potentially include the 2012 and 2013 drill cores in a new resource estimate if Teck/Copper Fox are thinking of an extremely large open pit operation or Teck through this program wishes to update the core-logging database to include historical drilling they completed on the Liard zone which was not included in the resource numbers because they were not the Operator or owner of the deposit, but maybe both developments are possible:

"the in-depth re-logging program involved the photographing and re-logging of approximately 73,000 m (240,000 ft) of archived drill core from Fire Creek's past exploration programs. Firstly, the program set out to improve on previous logging by gaining a better understanding of the Fire Creek metallurgy, including ICP testing, RMR, RQD and point load testing, all needed to understand and develop an efficient mine plan. Secondly, the re-logging improved the geological understanding of the project, through the resolution of gold mineralization true widths, and better characterization of geology, alteration, geochemistry, gold distribution, and rock mechanics. In addition to the re-logging, specific drill intervals were selected for resampling to better refine limits and tenor of gold mineralization with respect to geology"

This core re-logging program tells me the joint venture intends on updating the resource estimate which will be used to re-vamp the new mine plan. They want an updated geological model for the purpose of improving the economics of Schaft Creek and understanding its geological structure for future drilling. EAA will come right after we know the size of the mining operation:

What is the status of the environmental permitting? (That is under the control of Teck. Teck will want to see the results of the 2013 drilling before they determine the size of the operation that would be contemplated in the Environmental Assessment Application and then use that in the permitting process)

It seems plans changed for the better and they will complete these studies before contemplating the EAA. The geological structure of this deposit is too promising and it warrants additional development and maybe more drilling, all at Teck's expense. I say do one major drill program (20,000 metres+) before submitting the EAA. If they do announce this, a revised BFS is worth the wait next year.

This core re-logging could also allow us to discover information the company may have missed in defining the structure of the deposit.

"Paramount commenced a program of re-logging core from 54 core holes representing 18,900 meters drilled into the Sleeper Gold Project by previous operators between 2004 and 2007. The aim was to update the geological model and interpretations for the original Sleeper deposits to assist in the search for similar occurrences in the district which has been consolidated under Paramount ownership. During the process of re-logging, remodeling, and improving the extensive database, Paramount staff discovered numerous intervals of core within the Sleeper deposit which had never been sawn and assayed--many of them located inside the conceptual pit design contained in the project's 2012 Preliminary Economic Assessment (PEA). These unassayed intervals were typically entered into the database with no grade or an assumed grade of zero which would have had the effect of understating the resource size and grade"

"This new data along with an additional 33 core holes drilled by Paramount since the last resource update are now being incorporated by SRK Consulting into an updated resource estimate......The new geological model and structural interpretation developed as a result of the re-logging program have defined a new set of high priority exploration targets. Paramount is designing a drill program which will be prioritized once the new SRK resource model is received. Paramount staff believes there is significant potential to find a new high grade vein deposit in the large claim block that it holds in the district"

This above quote sounds simliar to this "The geological modelling on Schaft Creek could have implications on the potential size of this deposit as well as provide indicators that would aid future exploration on the other targets identified within the Schaft Creek property".

I believe this future exploration will be on the Laird Zone as there is huge potential there once Teck understands the structure of the deposit better with all the updated drill cores put into the database for geological modelling. Our 2015 drill program could be very extensive once we know what we are working with. This old reply makes me believe my theory: