Great analysis GL and it could very well happen. But here is my take on it for what its worth. I think Teck KNOWS the potential of this district and makes an offer with another BIG partner we can't refuse ( 6+/sh or more ). They will not let this slip out of their hands and allow competitors to grab the other areas. Sure its a gamble but if they don't act now to grab it another competitor down the road with even deeper pockets may just get it. They will take the gamble now as there is enough correlation in the data to suggest a massive district. They are privy to this info but if they just grab SC and leave the rest the whole world will soon know what they and only CUU management knows.

My gut feel is they will act soon before BFS with an offer that can't be refused. In this business the first one that acts gets the whole enchilada and there are not many massive size deposits that are comparible in the world. If ES were serious about proving up the rest why not raise 20M or 30M in funds to do it? The fact that they are proceeding with only 10M tells me they do intend to sell the whole package. They want to do just enough as a teaser to entice a much better offer. My 2 cents for what its worth.