CG, I think you are "partly" correct. The way the deal worked out shows the $20M is for operating CUU going forward so that there would be no more dilution, some of that will be used to explore AZ. Especially, since ES is very excited to find another big discovery there.

I doubt there was ever an offer for CUU written down anywhere as that would immediately become material information. Also judging by the SP prior to the NR, there was no leak. This is being played very quietly. Thats why I don't see an informal or formal deal with a 3rd party just yet (even though i'm sure all the major's have their eye on us after the back-in announcement).

The drilling plan must have been negotiated with Teck in the past few months, once they realized there would be no buyout agreement (probably cuz EE is asking for big $$).

I'm wondering what comes AFTER Phase 1 drilling?? Based on the NR and Conf. Call there seems to be another Phase of drilling coming after these 2 months(approx AUG-SEP). There may have been an agreement for moving forward to have TWO phases, but why not announce when/where the second phase is?

Here you can start speculating... maybe a friendly handshake deal with Teck that the second phase would be announced/discussed once Teck sees the results of Phase 1... or as Vette alluded to: Teck could present offers to CUU prior to the release of this potentially very VALUABLE information.