"Technically the clock starts ticking when Teck acknowledges receipt of the feasibility document, and that can only happen after receiving it, of course. They have quite a bit of time left before they are forced to declare their interest. With any luck, the market will recover in that period and we'll be in better shape."

I believe they only need to deliver a "notice of completion" of the feasibility study.

Furthermore, the Option allows Copper Fox to acquire Teck Cominco's "Indirect Holding", defined as an indirect 23.4% carried interest through their 78% shareholding in Liard Copper Mines Ltd. who in turn holds a 30% carried interest in the Schaft Creek property. To acquire the "Indirect Interest" Copper Fox must first have fulfilled the conditions of acquiring the "Direct Interest" (see above) and deliver to Teck Cominco a notice of completion of a positive bankable feasibility study as defined in the Option.