According to the Salazar document, if the FS is positive under Section 5.5 (b)(ii) (which our apparently is) and Teck does not give notice within 30 days of delivery, the report "will be considered a Positive Bankable Feasiblity Study." That would qualify CUU to receive the Laird interests and put Teck on the clock to make an election within 120 days.

If Teck really hasn't got back to CUU, that provision should be controlling. But Jason didn't seem to attach any significance to Teck not yet getting back.

Confusing as usual. I speculated earlier that CUU might have waived this provision. I really don't know what else to make of this because I would think that (if it hasn't been waived) the non-event of Teck 'not getting back' would be a considered a material event because it makes the PSF a Postive Bankable FS. Yet, neither CUU nor its Board members seem to be treating the non-event as having any significance.

Regards,

Volpino