"Under the agreement, Teck will pay a total of $60 million in three payments including $20 million upon signing the agreement, $20 million upon a production decision and $20 million upon the completion of the mine. Teck will also fund all costs prior to a production decision up to $60 million and reimburse Copper Fox $3.93 million for mineral tenure acquisition and other costs. Copper Fox's share of any pre-production costs in excess of $60 million will be funded by Teck and the cash payments payable to Copper Fox will be reduced by an equivalent amount. In addition to Schaft Creek, Copper Fox holds mineral tenures in Arizona"

I was reading the agreement again, and if I read it right we immediately get 24 million in the company's treasury. I believe that 24 million will be used to fund and advance the AZ properties. I wonder if anyone could ask about this tomorrow. Strong possibility.

The other good news is Teck will be paying for all costs related to SC. Pre-production costs will be funded by Teck. So 2013 drilling season is a free-ride for CUU as they sit back and add value for the shareholders with no dilution. Copper Fox adds huge value to the company in the coming months with no cost/expense to them through Teck funded cash, awesome! We are in a great situation. Its like getting a free house Reno, and then you sell that upgraded house to a buyer for big bucks, makes for a great ROI deal.

Also, and I might be reading this wrong "Teck is planning a 10,000 meter drilling program during the 2013 field season focused on exploration, potential resource expansion and geotechnical controls. Any subsequent expenditures will depend on a variety of factors including the results of this season's drilling combined with earlier project work, assessment of project economics and Teck's other capital requirements"

If Phase 1 shows exceptional/good results, they will continue to explore and drill? The wording of "any subsequent expenditures" makes me think additional funds will be provided if results exceed expectations, meaning more than just a 10,000 meter drilling program. I do not know if I am correct, can anyone comment? This sounds encouraging and the next few months should be very exciting. Drilling can go from July to December, so Phase 2 could occur in October?