Copper Fox Metals Inc.

Methinks some of "those that ARE familiar with the story may also assume that Capex will be out of control a la Galore Creek."

Costs are going up around us, every other mine in the area has seen CAPEX increases (Galore, Milligam, etc.). Our last CAPEX estimate was in 2008 (that's getting pretty outdated now if you ask me). Hate on me if you want but until I see our CAPEX costs remain the same or go down I will not rule out the possibility of a substantial increase in costs. The real question is whether the increased grades/tonnage etc. off-set increasing costs and keep our IRR the same or reduce it.

Until that comes out no one can say for certainty what our CAPEX/IRR/NPV will be. If we demostrate we can manage our costs n the FS (which I belive the market won't be expecting) then we will head skyward...