Copper Fox Metals Inc.

It's sort of funny because his whole argument is based on a poor Feasibility yet since that document was released Teck formed a JV with Copper Fox. It sort of implies that Teck sees some value there that maybe isn't shown in the FS, especially since Teck is the operator and conducting a drilling program this year. For example, if Teck were to proceed with the project, and put SC into production, they would have paid $60 million directly to CUU on top of the $60 million in pre-production costs--so a total of $120 million. At that point however, this Elephant is suggesting CUU would be worth $130 million. The numbers don't jive with the logic. Plus, of course, he's obviously not aware of the "significant upside" with the project, and the probable reason that Teck did sign onto the JV in the first place. It's all nonsense. (Plus it is ignoring the reality of the situation with QB2.)