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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: Teck buys (more) of copper/zinc play....but its not us...yet

Fortunately for us, I don't think you can use the implied value of the 25% of SC by calculating what Teck essentially paid to get their 75% under the terms of the JV agreement. The Salazar agreement had the 75% back-in option, amongst other options, that was based on the amount spent by CUU on the property and not on the market value of the metal in ground. I don't think the JV was an acceptable alternative to the Salazar for a number of reasons and have stated them before. Right now we have two recent transactions that can provide an estimate of the value of 25 % of SC. One was Teck's purchase of AQM Copper and the other was their purchase of Goldcorp's 21% of the San Nicholas copper-zinc property. An obvious problem with crunching any estimate for SC is the fact that we don't know what resource number to use. I checked on SEDAR and Teck has updated the annual information form with their reserve and resource numbers for 2016. Once again nothing for SC, which is not a surprise since here we are, more than four years after completing a FS, and Teck still won't tell us what they think is in the ground at SC with the possibility of a new RE looming. 

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