I just wanted to try and clarify the percentage owned by our shares should Teck opt to earn-back 75%, because I noticed a number of people are still saying around 23%.

Here's from Michael back in February of 2011:

"The remaining 6.6% interest is held as a Net Profits Interest by Liard Copper Mines Ltd. We calculate this NPI does not participate in the project revenue until years 10/11 after production. Thus, should Teck elect for a 75% earn back, then for the first 10 years revenue is split 75%/25% between Teck and Copper Fox and subsequently 70.5 Teck and 23.35% Copper Fox."

Subsequently we purchased Liard shares that bring our total Liard interest to 1.47%, per NR dated July 26, 2011.

So if you add the 23.35% from above with the 1.47% you get 24.82% should Teck opt in for 75%, and that is only after the NPI kicks in.