I'd be curious as to your thoughts on the final value to the shareholder (i.e. buyout price) and the timeline.

I've been thinking about this since Dogger posted about his conversation with Elmer in which Elmer said he had a buyout price and that it might change with the drill results. I found that interesting for a number of reasons, one of which was that he at least was still talking buyout!

Dogger said we are selling 25%, but it is more than that. There is also the $40 million payable when milestones are reached, the free $60 million Teck pre-production costs, and the Agreement that Teck will arrange financing and be the operator. This is important because it means a buyer doesn't have to come from mining, but could come from financing. It just opens up a whole new pool of buyers.

But if we sell our interest in SC, are we automatically selling our interest in the JV with Teck. Do we have to sell Copper Fox in order for the JV terms to move along, or can we sell the contract with Teck? Can we sell the 25% and keep the milestone payments--or are we always selling those as well?

Will we have a problem selling our share before Teck makes a production decision? This idea of waiting for a Teck decision is still hanging over us. Teck is the only one who knows the answer and therefore the value to them is greater than any other buyer.