Based on some of the comments from Teck's conf. call. You can see Teck does not want to lose their credit rating above all else. They are not willing to pay top dollar for anything right now. I'm sure they told CUU their position and played hardball. Probably, even threatened to walk away...who knows.

CUU's soft spot would be diluting the SP more, and with this deal they prevented that. So how do you move forward with a partner not willing to dump big money before they have made an official decision with QB2? (Which will be made in the next 2-4weeks according to Teck executives!) You sign a deal where you cruise along with Teck paying for everything while you get $20M to pay your bills for however long you need it.

Did they give away all the lands for free, Yes and No. They packaged the lands with the project because most of the area was covered by the past agreement anyways. Also it makes more sense for Teck to start exploring endless hectares of land instead of CUU blowing their non-existant cash proving up land inch-by-inch. Why not just let big brother do it and you go along for the ride(for free). Does this mean this could drag out the liquidation event: Yes, but what other REAL option was there?

The next step is a 10,000m drill program which should be completed very quickly. Some results could be done by end of August potentially. This could result in the following:

1. Create & Execute another drill program before the end of Nov.

2. Offers from Teck or another major.

3. Nothing till Spring 2014 drill program. Before which the EA will be submitted, and maybe even be approved by BC Govt.(I had the BC Govt EA timeline from a past post, I believe it could happen fairly quickly)