I found this interesting, and perhaps more knowledgable people can comment. This is the first time I have seen the breakdown of the Property in this way. Page 1 of the MD&A - 100% of Schaft Creek project consists of 97,626. acres. Of this total are 20,594 Schedule A acres originally conveyed in the 2002 Teck Agreement. These Schedule A acres are subject to the 3.5% net profits Royal Gold interest and the 30% Net proceeds to Liard. It implies to me that the rest of the acreage we have is not subject to the 3.5%/30% sharing. In 2010, we acquired 100% of 51,954 acres from Teck which is subject to the Option Agreement. I guess that means only 20,594 of those acres are subject to the 3.5/30% participation?? I know we have to offer some of the excess acreage within 2 KM of the borders to Teck at what we feel is a reasonable price, but I'm wondering if that would be just for Teck's participation and exclude Royal and Liard from participation in the "offered" acreage. That would improve the long term profitablity and worth of the "offered" acreage to both Teck and ourselves.

Every other time you see the 3.5/30 clause, it always has lead me to believe it was part of the entire 50,954 package and therefore might extend to the "offered" acres.

Very encouraging NR last night, leading off with hole 422 where Elmer says, not supposes or guesses , that it "represents the discovery of a new zone of mineralization".