Copper Fox Metals Inc.

the 40% option is non-starter on many levels, not just the control issue. Look, we are talking about spending millions to acquire billions with these options.

The 20% option would cost them 75 million and Teck has no say on anything at any time.

The 40% option would cost them 225 million and Teck has no say until they spend it.

The 75% option would cost them 300 million and Teck is in the drivers seat from day one.

This is the important point about the 75% option....for only another 75 million over the 40% option Teck would nearly double its stake over the 40% option.

It is not a complicated mathmatical exercise to conclude that Teck won't take any less than 75%, period. Deal of the century.

Lets focus on something else like whether or not Teck buys our 25% or all of CUU and at what price. The end game.