Copper Fox Metals Inc.

A resource estimate provides no economic assessment, only an estimate of the metal in place. The PEA, or scoping study, will provide the first stage of determining how much of that metal can be extracted economically. The next stages are PFS and then FS. At those stages a portion of the resource can be converted to reserves, which have the highest value in the market place. The Van Dyke property will have more value to a buyer when a PEA is done, provided the capital costs, NPV, IRR etc. are good. You can calculate value based on resource or reserves as long as it's consistent on type and cost/lb.