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Gold/Mining/Energy : Copper Fox -- Ignore unavailable to you. Want to Upgrade?

To: minder who wrote (9060)	1/5/2015 12:05:47 AM
From: explorationguy	1 Recommendation Recommended By minder Respond to of 10654

Here's comparison of the RE's from the PFS and FS: The Measured dropped a lot in 2012 and the inferred went up a lot. However the amount of proven and probable reserves are similar with more in 2012! The 2P number is the material contained within the pit shell. Adding the 171 MT inferred, which is within the pit shell already and therefore can be converted to reserves when drilled up, will improve the economics but it doesn't explain why 2012 is so poor compared to 2008. We already have more reserves, a higher price for the metal and a better exchange rate. The strip ratio in 2008 was 1.88 versus 2 in 2012, so I don't see a big difference there. There were problems with the geomodeling but that effected the resource classification and had little impact on the 2P reserve estimates. We'll have to wait to hear from Teck if something can be done sooner rather than later.