My 2 scenarios:

1) If Teck wanted to go at this alone they should buy us before the Feasibility is released.

2) If Teck intends to have a partner involved (big minor), that player will want to see the Feasibility before commiting and know what they're buying, thus CUU must have a clean slate.

Problem is Teck would not want this partner to get the voting shares or speacial clauses or land.

Since the Teck-CUU agreement is so complicated (Land, Liard shares, 4 year clause, financing, etc) Teck and CUU must first form a new agreement. (this is what I believe they've been doing for the last 6 months).

In this case Teck should back in before Feasibility is released. Parallel to this or before the back in the JV terms are formed with CUU as well as a new agreement (as we speak). This give CUU a clean slate, ready to be sold. Because at that point you know what they have and what they don't have.

(this is why we're seeing the new land grabbing each month, new maps updated and specific claim numbers)

Then the Feasibility is released (giving Teck and CUU a nice boost)

Once Feasibility released, Teck brings in the new partner and CUU is ready to be sold (as all the Teck-CUU details have been taken care of).

In this scenario expect Teck to back in before Feasibility.

Teck doesn't want to trigger that 4 year clause or expenditure so before they back in the new agreement and terms must be made...and that is what I think has been going on for the last 6 months....(since the dat Emer was invited by Teck to the Liard board, that was the signal for negotiation)