Elmer has consistently repeated the fact that CUU owns 100% of the project and the surrounding claims. Of course we are subject to the earn-back provisions.

In order to take over our portion remaining after any earn-back, they need to buy it from us. In my mind, it isn't a simple as saying it is only 23% of the whole project but rather 100% of the rest of the project. Owning the complete project entirely has advantages when it comes to making operational decisions and distributing profits etc - especially if that means getting rid of a Jr (us) tagging along for the ride while they finance the whole show.

On top of the SC project itself - which is the Sched A lands, we have a number of other properties in BC that are quite critical to the operation and potential expansion of the SC project as we know it. The Sched A lands include the Mike zone and about 80% or so of the Discovery zone or 20% of ES zone (they overlap at the boundary of the Sched A and non-Sched A lands). So 80% of ES and 100% of GK are 100% ours that we give 1st rights of refusal to Teck.

We own 100% of the Mess Creek claims which I understand would be 100% ours after any earn-back even though the road runs thru most of it.

I'm sure I'm missing a lot of the items that make our 23% more valuable than a simple 23% of the project.

bigger: http://www.flickr.com/photos/60356448@N04/8026775870/in/photostream/lightbox/