Copper Fox Metals Inc.

Key points you've missed I think are " The report will be considered to be positive if it generates a positive NPV in either of following two cases:" That is, one or the other. It doesn't have to satisfy both. We aren't going for (b)(i) - the 12% case, we're going for (b)(ii) the 8% case. (b)(i) has no bearing on us or any of its conditions. Key word is either.

Key word is bankable

If the report is positive under §5.5(b)(ii) but not under §5.5(b)(i), Teck Cominco may nevertheless elect, in its sole discretion, to deem the report to be a Positive Bankable Feasibility Study. If Teck Cominco does not give any notice as aforesaid, then any report that satisfies §5.5(b)(iiv will be deemed a Bankable feasible study.