Copper Fox Metals Inc.

Both the Salazar and JV agreements were/are subject to previous agreements including some between Teck and Liard Copper mines Ltd., the most recent of which was signed in 1980. The agreements are listed in Salazar(Appendix B) and the JV only references back to the list in Salazar. So this 4 year reporting requirement has existed for a 36 year period which includes many years where the "viability" of the project would be a struggle to demonstrate. It's not likely to be anything significant, particularly when you look at the major shareholders of Liard. The SCJV owns 85.5% of the shares and CUU holds, outside of the JV, an additional asset of 1.55 % of the shares in Liard. In my experiences with talking to junior mining people they all try to sound as hopeful as possible without revealing anything material. Retail investors still need to do their own due diligence.