Copper Fox is a 25% partner in the Schaft Creek Joint Venture (the “Joint Venture”) with Teck Resources Limited (“Teck”). Teck is the operator of the Joint Venture which holds two main assets;
the Schaft Creek copper/gold/molybdenum/silver project located in northwestern British Columbia and
85.45% of the shares in Liard Copper Mines Limited (‘Liard’). Liard holds a 30% Net Proceeds Interest (subject to certain terms and conditions) in the Schaft Creek project.
The 2013 Technical Report (“Feasibility Study on the Schaft Creek Project BC., Canada”, dated January 23, 2013, prepared by Tetra Tech, A. Farah, P.Eng, et al as Qualified Persons) considered the feasibility of a 130,000 tonne per day flotation/open pit mine with a Proven and Probable Reserve of 940.8 million tonnes grading 0.27% copper, 0.19 g/t gold, 0.018% molybdenum and 1.72 g/t silver; containing 5,611.7 million pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver. The Feasibility Study suggested annual production of 105,000 tonnes of copper, 201,000 ounces gold, 1.2 million ounces silver and 10.2 million pounds of molybdenum.