I got this from Copper Fox's homepage.

Teck Option Agreement:

Teck may at any time elect to exercise the earn-back terms and conditions of the Option Agreement.

On receipt of a Positive Bankable Feasibility Study, a defined term in the Option Agreement, Teck has 120 days in which to elect to either: i) exercise one of its earn-back options, or ii) retain a 1% net smelter return royalty, or iii) receive common shares of Copper Fox to a value of $1,000,000.

If Teck elects to exercise its earn-back option pursuant to the Option Agreement, then Teck has the right to elect to acquire either a 20%, a 40% or a 75% working interest in the Schaft Creek Project from Copper Fox by solely funding subsequent expenditures equal to either 100%, 300% or 400% of Copper Fox's prior expenditures pursuant to the Option Agreement.

In the event Teck elects to earn-back a 75% working interest in the Schaft Creek Project, Teck will be responsible for arranging Copper Fox's share of project financing and will recover the project financing funds from Copper Fox's share of metal sales until payout is reached.

This option agreement makes CUU so hard to value. We don't know if Teck is going to back in or not or how much?

We keep saying 75% is because how can you pass up a $3 billion NPV mine (based on 2008 numbers) when all you have to spend is 4x our expenditures.

Until the BFS is finally out, we don't know what is the fair value of CUU. Anything beyond it is speculation to me. We need more information, so hopefully we get a ton of NR coming soon.