The Liard shares are called the " indirect interest ". when we drop the BFS we have earned the Liard shares that TCK owns, 78%, they instantly become ours.

When TCK backs in they get the same percentage of the indirect shares back, as they opt to back in for.. eg. we get the 78%, they back in for 75% of the property and also get 75% of the Liard shares we earned from them with the BFS. = 78x75%=58.5%

We keep 19.5% of the Liard shares plus what we already have, approx. 1.7% for a total of 21.2%.

We can't sell the Liard shares until TCK backs in because we won't know how many we'll own until we deduct their back in percentage.

The land outside the area of mutual interest can be sold anytime.

The land inside the area of mutual interest has to be negotiated with TCK as to how much they want and how much it will cost.

These complications are the reasons why no other major will bid for us. until TCK moves, they don't know what we own, and we don't either. we only know the minimum we can own which is 23.5% of the mine

For over two years now I have said, I believe TCK will buy us out completely, which will negate all of the complications, including a deadweight partner they have to carry to production, and sell whatever portion they want to a partner that will share development costs...it makes sense to me........chunky