This is why if teck does offer us a deal after the 2013 drill results are known we should reject and wait a few more months to see what the 2014 program will reveal.

There is no end to this logic though. As the value increases so do our expectations. As the time plods on we become more obstinate in demanding more for our patience. Here we are in December of 2013 and we have not realized the increased value from the 2013 drilling--so anything from 2014 might not be realized until 2015...and so on.

Elmer has already said that the next step in this process is to incorporate the 2013 results into some sort of valuation and then make an offer to Teck under our FROO. Should Teck find that offer unreasonable then we shop it around. This is all we can do.

We can't dictate to Teck how they proceed in terms of Schaft Creek because they are the operator now. We can't choose to do a 20,000 + meter drilling program or update the FS or push for the EA, and I'm absolutely certain we won't get a decision to take this into production next year. Teck could do less drilling next year. We're not in the drivers seat with this any more and that is the problem with deciding to wait. The only control we have is to make them an offer that is reasonable and fair enough that they would rather buy us out.

I, for one, already know that this project is bigger and better than the FS described. At the same time, I would be happy to get a fair offer sooner rather than later and good luck to Teck. If I'm that convinced of the project's value increasing going forward I will buy Teck stock.