As we continue to dissect the language in that 10 year old agreement, it is apparent that the inherent "gotchas" are not appropriate for the scale of the project now under consideration.

They had no idea that the parcel they were asking to be explored could pan out this extensively and created terms that made sense for a development an order of magnitude smaller.

It will not really serve the interests of either party well.

Obviously Teck will not entertain a situation where they will be forced to spend billions at the behest of Copper Fox.

They must have development control before they will proceed.

Copper Fox is an explorer and would be just as uncomfortable in the position of mine developer.

I think there is a pretty good chance that the delays may be associated with the Teck and Copper Fox guys negotiating terms to an agreement that makes more sense for everybody going forward at this point.

It would probably be in our mutual interest for that bit of housekeeping, a contract novation, to be completed before the BFS starts the clock on the existing agreement.