To clarify to those not familiar with acquistion valuations the 36 cents is NOT a share price value but a theoretical underlying asset value.

If you view the asset value/fair value of Schaft Creek to be $3.5bn (based on the 36 cents) you need to divide this figure by the number of fully diluted shares (422 million shares at Sept 2012) to get the equivalent share price.

So $3.5bn / 422m shares = $8.20 [per share and if you believe Copper Fox owns 25% of Shaft Creek then share price would THEORETICALLY be 8.20 X .25 = $2.07 . This is hypothetical as there are so many unknowns but gives me some baseline comfort.

This all based on a crude calcuation so please take this as an opinion not investment advice. However, from my perspective as a long term holder of Copper Fox this is conservative and is why I am waiting for whatever Teck decides to do. I will not be selling until I Teck makes its move and then I will decide.