St. Elias Mines

We have explored the possibilities of it being copper in the past. If I remember correctly, our highest grade copper was around 0.13 %, at the time, with the price of copper slightly higher than it is today economical copper needed to be at least 0.12 %. If these are not the right percentages, the point still remains the same that I am making.

0.12% is pretty much a cutoff grade for copper resources, under that is uneconomical by itself. On the Tesoro, it is possible to mine the copper as a by-product if the grade picks up considerably. BUT, the dominant metal so far is gold and all indicators are saying this will most likely remain the case to considerable depths. The Chorunga mine to the south of us went down 1200m and are still mining gold, while the Dynacor property to our north has veins that are 1800m below our surface elevation, and they do not mention copper in those veins, only gold as the dominant metal.