"...The 120 day clock has not started, Teck is within a 30 day review of the document and is in current discussions with Copper Fox...."
The confusion is due to the way the Agreement is worded.
CUU management cannot legally say that the 120 day clock has started because the FS did not meet the NPV12 requirement, Teck has the option at its discretion of taking up to 30 days to decide whether or not they will accept it as a "positive bankable FS" as defined in the Agreement.
If they do not, then there is no 120 day clock; period. If they do, and we are all hoping and believing that it would be stupid for them not to, but nothing in life is for sure as we all know; but if they do, then the 120 day clock would have been started from Feb 4, the FS delivery day.
So right now, we do not know for certain, from a tecknical and legal standpoint, whether or not the 120 day clock has started. It might very well have, if Teck feels like we all feel that the FS constitute a "positive bankable FS"! GLTA JMO
