Copper Fox Metals Inc.

The report will be considered positive in any of the following cases." Notice the word ANY. Meaning This one, or that one, or the other one.

Yes, it would be considered "positive" in either case, but it won't be considered "positive bankable" which is another thing altogether and the trigger for transferring the Liard shares and moving on to the next step.

If it was "positive" in both (i) and (ii), then it would get a pass at being "positive bankable." But it wasn't. Because it was only positive under 5.5(b)(ii) then Teck has the right "at their sole discretion" to say whether they consider it "positive bankable." They don't seem to have to have a reason.

The longer it goes on though, the less likely they are going to object. They've been examing this for about half a year, or more and had ample time to say that they wouldn't find it acceptable. As time passes I would be more and more surprised to hear them reject it.