Copper Fox Metals Inc.

The purpose of a Feasibility Study is that a third party expert examines all evidence relating to presence, volumes and extraction of minerals and, based on this evidence and expertise, evaluates # tonne of ore that can be extracted and average metal content, by type of metal, per tonne. This then, based on prices used, delivers the total expected future economic value of the mine which is discounted to reflect # years will take to mine this ore and extract the metal. Therefore, the value of a mine is all about "pounds in the ground" and the FS confirms what can be extracted at 3 different levels of certainty - this is more fully explained in the FS and the detailed NR issued by CUU at the time of announcing the FS. IMHO, we can quite safely assume that the value of CUU, adjusted for its 25% interest, is within the ranges set out in the FS.