The more I look at this I think Teck must have walked away from this deal with a huge grin on their face! They got 75% of everything we have (except for arizona) for a tiered payout of only 63 million. For only 16 cents a share we gave them 75% with no holdbacks on lands (5km inclusion), bulk terminal or Liard transfer requirement to earn back. If they dont like the results of the 2013 drilling, they can walk away for a loss of only 23 million. Pretty risk free! I guess in this enviroment we got as good a deal as possible...

I do see that we are paid the 63 million directly versus Teck earning the 75% for 380 million, but I think with that kind of commitment the deal would be more solid. The decision to go into production clause gives them an easy out if they choose it without having to relinquish the Liard shares to us. We have some more certainty today, but we are still somewhat unprotected seeing the original agreement and its protections are out the window. I guess I am a bit frustrated that we didnt even get 1x expenditures. This huge, magnificent property with a positive FS, massive RE and promising future - 75% given away for 16 cents a share, I am not doing cartwheels like some of you.

If everything goes as we hope we should come out of this with some profit.

I hope Elmer can explain this well tomorrow so our SP can continue upwards.

I dont think this post violates any of the 6 rules, it contains some facts and my current interpretation of them and I think it would be pretty sad to see it deleted because it may be contrary to the collective.