Yes, we got sandbagged. There is only so much you can know about the progress until the detailed accounting is done. Our Teck guy did just that and told Tetra that they were weeks off not 10 days. Tetra could not defend it's position and was forced to admit that this was the case. Hence the NR outing them as the culprit. Yes, this is going to affect their other clients.

The silver lining. Due to delays upon delays we ran the risk of having a stale RE. It was entirely possible that we could have been told to redo the FS because we had to incorporate the 2011 data. I would have preferred that the company came out and told us that they wanted to delay instead of getting it this way. So we know we are flying with a turkey but we have the soution. We now have enough manpower on it to get it out in two months comfortably. But, that's not what's going to happen.

We are going to get the RE rolled into the FS. The company will probably spend the cash to get us a report before the whole package comes out. They will want to show off the new results as a reward to the investors. But, this is going to take time. They want us to wait until September if it takes that long. Odds are that it wont. They do want a full review conducted while the FS is being done to ensure that no mistakes have taken place. People got rushed so we will double check everything.

At the end of the day, we get to buy a bigger better deposit for less than we paid last year.

Teck was not happy with this latest development either. They don't want problems anymore than we do. They must be pleased that they get more time and higher grades.

I can tell you that the scope of the project has been and is being expanded. No, we will not take a run at 1/2 of Galore because Teck has FRR. Why do the dirty work and have them offer a few bucks more. You should take note that this situation is fluid. We could be invited by Teck once they see what the market's response is. If no offer comes to Nova then Teck can try dilute them out. Nova has to figure out how much pain they will accept. So without an invitation from Teck we will have to sit on the side lines.

What do I mean by expanding? We have the scope on our 20km conductor for 2 years of drilling. The new deposits must be drilled. That's all I will say on this subject but I have reasons to think there's more to it.

I think if we drill that structure we will hit the source. It had to come from somewhere. This is what I suspected all along. I'm not the only one who thinks this way.

Now that this is settled we can expect the drilling plan in this Q or early in the next. There are a number of corporate duties to do first. (Gotta keep the lights on). So a spree of filings etc will be done. More high level meetings are scheduled. They will be setting up the camp early as the snow is cooperating. We should hear about the progress on the power situation.

Don't be surprised if we get taken out in July. (Start of Q3) The most likely scenario is what we've speculated on. Teck takes the proven stuff and contracts the exploration for the root hunt to us. This would be our spinco. (This is going to happen). It's probable we only have 8 weeks left and Teck backs in or offers. Teck grow tired of waiting.