Copper Fox Metals Inc.

The discussion of what Teck is willing to pay for a project follows after the section you quoted. He discusses the affordability of these over-valued projects where he talks about the return on weighted cost of capital determining if they purchase a project they are interested in.

Remember he is not specifically talking about Schaft Creek but making a general comment on good properties commanding a high premium from their insiders.

Teck will not overpay.

The premium Teck will pay and the offer (if any) will be determined by what value Schaft Creek is to Teck shareholders.

It may very well be that Teck is not willing to pony up an offer to worth selling the CF 25% interest in which case Teck will be spending the money improving the project while Copper Fox looks for a buyer.

Or Teck walks and Copper Fox has to drill the project and find a partner which would suck for those of us who would like this to conclude.