But the offer if any and the BFS need to be considered as wholly seperate actions

I think we have all sort of lumped them together in thinking about the end game, but they are quite different

The BFS is, in my opinion is totally the province of CUU, and their "team" of advisors

It is the deliverable of the Salazar contract

And it may be the end of the Teck relationship

We deliver it's positive...they give us the Liard shares and we part our ways after the expiration of their 120 days but after the JV has been formed, which would be self liquidating if Teck does not take a back-in

This would be the outcome of a positive BFS

The market reaction to the BFS will continue to be muted I suppose, pending a final decision by Teck, but it would have to move toward a fair valuation of what is there based on an economic BFS