Copper Fox Metals Inc.

Apologies, I might have gotten a bit carried away with the notion that some $400m could be spent that quick. First, we spent $85.34 million to December 31, 2012 per the last NR. 4 X's that figure puts a 75% earn-in at $341.36M. None of this has to do with the 4 yr build clause that got thrown out the window, just the time to spend the amount required to assert the 75% earn-in stake.

Check out figure 22.1 in the FS on page 22-3. It shows the cummulative expenditures crossing ~$341M between years (3) and (2) before production and about 3.5 yrs after initiating the project. I like the high, rising Net Cash Flow towards the end of the mine life in that chart prior to the 21st yr (shutdown expenses).