So 18% stake in the Peru Quellaveco project would give us $3.13 for 25%

Their capex is also 3 Billion maybe more and they have big environmental issues (water)

http://www.bloomberg.com/news/2011-02-28/anglo-says-its-quellaveco-copper-project-in-peru-could-may-cost-3-billion.html

Who wants to take a guess at the Premium we should get:

* Gold , Silver, Rhenium

* Being in Canada, no environmental issues

* Teck financing

* Teck expenditures

* Liard shares & NSR

* Stewart Port

* Mess Creek (strategic..Teck needs teh road access)

* Control over clause (4 year) as operator until Teck earn in

* Huge potential (depth and width), new zones, other 1/2 of of the Paramount zone and Liard not drilled

* New resource estimate coming...

So add all that to the $3.13......