Copper Fox Metals Inc.

Hello Golf,

In fact, in my example, teck would purchase our 25% with tck.b shares at a 1 for 20 ratio.

This would dilute them 4% - no cash involved at this point (if cash, it would equivalate to around 400 million which is peanuts!).

Then, they would sell 49% to another company for let's say 1.5 billion, which would finance a good portion of the construction.

For sure they would need to chip in some more money for the construction, but at the end, they would have a huge operating mine for less than 2 billion.

And we all know that 150 millions of NCF per year is a very conservative number.

MoneyK