Based on the 2008 numbers in CUU's Presentation, SC had a NPV of $2.8 billion.

1/4 of $2.8 Billion = $700 million.

Divide that per share (assumed 400 million CUU shares) is $1.75.

That to me is the bottom price of CUU value.

However, I would factor in other qualities as well.

- Land that CUU owns that is not part of the Teck's Buy In.

- Agreement with Teck that financing would all be done by them. If it's 75%.

- If Teck doesn't want to do the financing and prefers a 50% ownership. 50/50 partnership. CUU's should own 50% of the $2.8 billion bringing that to...$3.50.

-Revised RE, we have less copper but the CuEq is much higher -> faster rate of return. Payback period is much less. -> should increase the value of the mine itself.

- Higher commodities prices. -> Metal prices used in 08 vs today's should 10-20% more. (Just the top of my head. would need to confirm).

-NTL $400 million construction of power to the area. Cost of constructing the mine is much lower.

-Potential of a much larger mine than this. (Andean Resources was bought out based on future potential).

IMO, we won't know anything until the BFS is out and find out what Teck wants to do. No big player would want to jump in on CUU without knowing how much they will own of the SC. Until then, Teck is the big player involved.