I'm 99% certain that it's been confimed here already that the 120 day clock starts ticking from the time of the NR.

Copper Fox has to deliver to Teck a written notice, called the Feasibility Notice, that includes a copy of the BFS as well as a statement of expenditures incurred to prepare the document. At that point the clock starts ticking. Presumably any News Release will indicate whether that had been done or when it would be done.

So is it your opinion that Teck really only has 60 days to declare their intentions and negotiate a JV?

They have to negotiate a "definitive option joint venture agreement" sometime between the current Agreement being written in 2002 and 60 days past the time Feasibility is delivered. This new JV would replace and supersede the current Agreement. Since the current Agreement is still in force, it appears they haven't written a new one so the clause is still binding.

IMO, they won't bother going through the process to negotiate a JV at this stage only to rip it up on a buyout. It seems logical that they will have to make a decision about how much they will choose to earn-back and any other deals they want to make, before this clause comes into effect. That's why I think they only really have up to 60 days past BFS.