Copper Fox Metals Inc.

Has Elmer ever stated that spinning off is the plan?

The projects are under different corporate names. Van Dyke & SB is Desert Fox and Carmax is Northern Fox, while SC remains with Copper Fox. This was done so that any of the projects could be sold separately. Half the work to spin them off is done, what remains is deciding whether to list the projects separately on the TSX and I don't think at this point they would have enough stand-alone value. Plus, it costs money to register and pay fees to the TSX.

The cash we are currently spending is in Desert Fox, not Copper Fox. All the expenses were moved over sometime after the dividend. I'm not sure how they factor in the investment in Carmax but maybe Desert Fox lends the funds to Northern Fox. That is more an accounting manoeuvere.

Elmer has been following a prospect generator model for quite some time now. He has been saying that he's looking for new projects for years. What he said he was going to do, and is doing, is buying new projects adn trying to get them to the point where can either JV or sell them off.