Copper Fox Metals Inc.

Whereas CUU can go, we'll keep our 25%, you go build our mine.

I think if Teck wants in they will buy us out completely. Therefore, they will make an offer for the whole project without ever declaring any interest in earning back any portion first. So they will offer $X per share for the 100% that we will own after the feasibility is delivered to them.

If we can't agree on that number, then they might walk or possibly opt to earn-back a lower percentage and let some other major do all the heavy lifting of financing and building and improving the project.

As Lawrence Roulston said Teck might offer us what they think is a reasonable amount and if we turn it down they could walk away for awhile and come back, say in September, with the same offer after our stock price has dropped and languished while, as Liddy says, we will be looking at more dilution.

Personally, I think Teck will make up their mind and if they want into the project at all they will offer us a fair value for our shares.