Copper Fox Metals Inc.

“The report will be considered to be positive if it generates a positive NPV in either of the following two cases:

(i) firstly, the report will be considered positive if it indicates that production from the Property would, on a project basis,

generate a NPV of at least $1.00

(ii) using a discount rate no less than 12% and assuming a mine life of no less than 12 years and copper metal production of at least 25,000 tonnes per annum;

I would argue that (ii) does not apply because our mine life is more than double 12 years and our production far exceeds 25,000 tonnes per annum. We are not comparing apples with apples here. Besides, it states "positive NPV in eiher of the following two cases:"