Teck has to opt then Eartn Back In. This also entails forming a JV. That in itself is a discussion. The JV involves the percentages and roles. I know Elmer et al say sell sell but is that not crazy? We get a funded mine with our percent clawed back over a very long time. The profitability is huge. Teck has to run it for us if they want to ensure their cash flow so no less than the 40% agreement. Likely the full 75% just because of the revenues. Assuming the full monty, what of the JV. We have almost no role except telling them what to do to get it up and running. Board member discussions have been rumored. I can see that being a sticking point. Everyone want the money those positions pay. That's why CEO's sit on several co's boards. That's the royalty they get. No one is going to just stroll away from that. Since Teck can't moth ball us this must be negotiated. To free up a board spot they will have to offer a premium.

We will be delayed again. What is the logic? Nothing is going to change from now til mid Jan. The BFS will be the same today as it will be tomorrow. Also, why run with last year's numbers? Seems to me the delays are indeed brought on by sticking points. Where's the mine plan? Shouldn't that come first? Nope, it's all coming at once. That tells me it's already done. They may be discussing super high grading the first 3 years of the JV. Selective mining like that is possible but does water the grade average down for the remaining 2 years. Given that, we have enough in the .46eq for a life time. So the question remains why the delay. I do think they are not reaching an agreement. Elmer and co will give them a little more time so the big cheese can have his two cents. Then, in the new business cycle, we will get the bfs. If that doesn't bring them about then we will go hunting a buyer while preparing the mine. In that case we will beging setting up for the options so we can react without delay. Our JV will be a friendly one but not completely to Teck's satisfaction. I think what we are asking for is a bit more than Teck is willing to give. We want all our picks on the board and a heafty price.