Elmer didn't get a board seat as a plumb. I grilled him on that and he tried to wiggle out of talking. I think I got him to agree that he was there as a facilitator should an offer come from the outside. It makes a lot of sense to add him to the team should an outsider make a bid or even just poke around. Teck could not entertain anything without our cooperation.

We will drill up the asset and do resources if they don't buy us out. This would be the best bang for the buck. We will not be building roads or buying power lines. If we did anything other than use the money to remove the waste rock to aq cash crop it would signal a partnership with Teck. The drilling and reports would have to be number 1 in all cases. Next in line for value is the EA. Sure, as a third item we could buy power. A road as a fourth item, ok. Putting things in the right order is highly important. We have a vote on Liard and can act as the facilitator. We decide how any money is spent. The stipulation is that it must be spent on the project but that's it. If you want to see us get the maximum offer then this is how it will be done.

I'm surprised that more people are not getting the development process. We get a bare bones BFS so that we can stop diluting and start spending Tecks money. How much project do you think $350 million would get us? Remember as we drilled North the silver started to climb? If that has to come out of our budget it's a small dilution to get a valuable resource. Remember the 1650g/t? Would you like to find out more? How about the full value of the waste converted to a resource?

So the next NR reads: CUU and Teck form a joint venture and CUU has $350 million in cash to spend. Project highlights include...

This doesn't take into account the royalty. What does this do for our royalty? We can 1/2 the payback period and secure the power line with that kind of money. We could agree with Teck that the waste is cash and put all the money to the capex taking a big chunk out of it. Many many options. I badgered the co to spend more but obviously Teck had the brakes on what was applicable. This is because I wanted us to have a huge war chest when this moment arrived. Id $350 enough? Yes. $450 would have allowed for a couple other manouvers but I think the Liard seat takes care of that.

Even if Teck just takes 20% we have $85+ million in cash and that's more than enough to remove the waste. How many companies have this kind of cash and a positive BFS in hand?