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Gold/Mining/Energy : Copper Fox

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To: explorationguy who wrote (8978)	1/2/2015 3:19:11 PM
From: Hog Head	Read Replies (2) of 10654

The problem, in my opinion only, is the requirement for the FS to meet 5.5 (b) (i), "...generate a NPV of at least $ 1.00 using a discount rate of no less than 12%...". The FS has a table using discount rates up to 10%, but it is clear the base case would be negative at 12%. -------------------- I think 5.5 (b) (ii) applies to us as we met the size requirement (15 year mine life and 50,000 tonnes/yr copper production). That set the bar at only 8%, which we did meet? Please correct me if I'm wrong about meeting the size requirement - it is my understanding that we did exceed it. If we didn't meet it - how could CF have stated they have a positive BFS in the cover letter for the report? If they actually didn't produce a positive BFS, that changes everything.

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