We should get more than a straight 25% of the value of the NPV, so I don't think we need to multiply our buyout amount by 4 all the time to see the full value of Copper Fox. We will get a certain amount for the Schaft Creek project, and then another amount for the potential lands outside Schaft. So, if Teck were to offer us $4.60, say, that wouldn't represent a quarter of the whole value it would be greater than that.

-Teck doesn't have all the properties optioned under that Agreement, and the NPV is only covering Schaft--a small portion of the overall claims,

-The Mira seems to be indicating another zone of potential with the southwest clay lands and this would be value outside the Schaft NPV,

-The drill results on cores with visible copper might also prove up to be quite good and again add potential value outside Schaft,

-Although the market for juniors is crap right now, I think Teck has quite an incentive to pay fair value for the resource and potential. Given they have to declare and they get one opportunity, they would be better off buying us out before they tell the world whether they are interested in the project or not. We don't have to sell right now, and if Teck backs-in for the full 75% our stock price will go up making our share prime for a takeover from someone. Teck has to pay for that remaining 25% of Schaft + potential at a good price to avoid anyone else getting involved.

-Teck will be getting the first 75% of Schaft at quite a discount to the remaining Copper Fox portion. When they announce the purchase it will be $XXX for 100% of Copper Fox, not $X for 25%.

In a conversation with Elmer, he once expressed slight annoyance that the world was valuing us at only 25% of the Schaft Creek project. He clearly thinks we should view this differently, and I agree.