Copper Fox Metals Inc.

In October 2012, we reduced the PP of $4M by $1.5M. What we should have done, considering at that time the BFS was still not completed, was accepted the full PP of $4M and kept the $1.5M as emergency fund, until such time we have heard from Teck with their decision and know where we stand with Teck. Which means, BFS would have been completed and delivered to Teck and filed with SEDAR. If, everything goes well with Teck's decision and all bills have been paid, any extra funds could easily be returned to EE, or with his aproval, applied to warrants coming due. IMO.