I think I'd like to see Teck buyout 100% of Schaft Creek but not the rest of CUU properties because under the Option Agreement, I think the price of these properties would be discounted on some prorata basis and Teck will get a good deal on the purchase price of these properties.

I'm thinking. if Teck took us out at 100% on Schaft Creek only, we would still own 100% of the rest of our properties surrounding Schaft Creek. But now, we are no longer a JV with no Option Agreement with Teck. Therefore, we could drill the 10-15 holes to proof the area to be rich in minerals, get numbers for volume, size and grades of the minerals, establish the mine life, etc. Then we'll prepare a new Resource Estimate and a Feasibility Study, etc., establish a minimum price for the properties, and do a silent auction, starting with the minimum price we've established and sell it to the highest bidder interested in the property. Silent auction in this instance would be great because we've set a minimum starting price to bid from, so interested parties, not knowing what other parties are bidding, will make guesses and try to outbid the others. We could probably get a real WOW sale price, especially if Teck wants the rest of the DISTRICT, they'll have to assume the other interested majors would bid high and they'll bid higher to ensure their bid will be the highest because they need these lands to complete their DISTRICT and wouldn't want any one else to get it from under them.

This whole silent auction process would make the deal go really fast because everyone gets 45 days to review documents, FS, etc. A date is set as to when all participants will have to submit their bids, date and time, and the result could be announced within 24 hours.

We would have our attorneys prepare ahead of time the Sale Agreement and when we know who the winner of the silent auction is, notify them, have them bring their $$$ and sign the contract.