Copper Fox Metals Inc.

Earn BACK option. They don't have anything until they get it back...via spending the money and building the mine. At current, they're spending about 320million in construction before getting anything back, and we have control from what I understand up until that point.

They also have to arrange the project financing in order to earn their 75%. They can't arrange the financing for a project that is mothballed. Also they have to establish a joint venture once the earn-back is complete and continue to spend their share of expenses or they will experience a dilution of their ownership if the other owner continues to pay. So if our 25% were bought by someone like BHP, they could opt to continue the process and if Teck chooses not to participate their ownership will dilute until eventually they will revert to a Net Profits Royalty. (There is a management committee that has to make the decision to build.)

There are 10 underlying agreements to this contract that we haven't been able to read. All varying between Liard, Hecla, Paramount and Teck.