Copper Fox Metals Inc.

There is currently a proceeding before the OSC regarding insider trading in Baffinland Iron. The legal documents talk about the background negotiations that were going on. It gives a timeline for the buyout.

August 2009--Arcelor Mittal expressed an interest

December 2009--First proposal offered

Ongoing negotiations through 2010

September 2010--competitive hostile bid (this is the questionable insider trading.)

November 2010--AM made a better offer

Nov 2010-Jan 2011--a number of better offers made by AM & hostile bidder

January 2011--joint offer made between competing parties accepted

The process for AM would have taken about a year, but could have been less than 4 months if their initial offer had been accepted. Teck has probably been working on ours for at least 6 months. They also have inside knowledge of the project going back many years.

Teck had already reviewed the supporting documents that went into the feasibility before the feasibility numbers were released to us on December 21st. I would think they have had enough time for DD by the end of this 30 day period.