In that scenario I think Big E will probably accept a lowball offer....I dont believe his plan was to have all his money tied up until production, but I dont think it would be too far off the mark. A difference of .10-.50 might not matter but I cant see him taking $1-2 less. Plans can however, and do, change.

Another company would most likely want a chunk of this action as well....I honestly have a hard time believing we could put a for sale sign up here and not attract attention but then again who knows. If Teck wont pay what Big E wants thats a pretty good indicator to me that another company wont pay either, although they still might pay more than Teck was willing to offer.

That being said if Teck paid Big E in shares....they could probably very shrewdly roll some profit off the table as Ernesto would see an increase in the value of his Tck rise even though he didnt get what he asked for his CUU. Tecks getting a better deal every time we prove this deposit up a bit, but we will also see more money for more resources.

This deposit is getting bigger, some of the grades are a bit lower than hoped...perhaps we're finally finding some of the outer edges of this deposit but my gut tells me we could keep drilling and proving up some more....but hopefully not hurting the economics by adding lower grades in. Although the sheer size of this thing even at lower grade should only improve the economics as whole.

Although I dont believe for one second we can play hardball with Teck, I think the best advantage we got is that if they dont buy us it can go for sale. Its more sensible for Teck to take the whole thing, and if they want a partner at that point, they can pick them, sell them say 40% and then theyve got some profit in the bank as well as 60% of Schaft Creek for free. Tecks been in the drivers seat since the agreement was signed, letting us take the exploration risk while they get 75% for a pittance. Although the 25% we have a crack at is still an excellent deal for a junior.

Lots of scenarios could unfold from here....its going to be interesting.

Rogue,