"Incurring $5,000,000 in expenditures on or before December 31, 2006 and aggregate expenditures of $15,000.000 on or before December 31, 2011."

This allows them to acquire the Direct Holding, which they did.

"Further acquire Teck Cominco's 'Indirect Holding' (defined as an indirect 23.4% carried interest through its 78% shareholding in Liard Copper Mines Ltd. who hold a 30% carried interest in the property) by incurring the above described $5,000,000 in expenditures and completing and delivering to Teck Cominco a positive bankable feasibility study."

This refers to the Indirect Holding that we are awaiting, but it doesn't have a deadline. It says Salazar may acquire the Indirect Holding at any time after incurring the $5 million in expenditures mentioned above. The Feasibility has no deadline.