Take your pick? LOL

Perhaps you are overlooking a few critical facts in order to make your "argument" that we should be fearful, uncertain and doubtfull (FUD) of established facts and thorough reasoning.

If Teck backed-in under Salazar and earned their share by spending 4X $80M, we would have received ZERO cash and would have proceeded with massive dilution waiting for $320M in spending and then waiting some more for the critical value-confirming production decision.

Its all about what is important to you.

You obviously feel that the 20 million cash now and some more later IF a production decision is made is more important than being the operator and having all the Liard shares until Teck earned them back. Its apples and oranges. It all depends what happens. Like I said, if Teck moves forward soon with a production decision it will prove the JV a better choice. If they delay or shelve us it will not be good. No FUD! One agreement demanded more committment and the retaining of ownership of the property if Teck didnt back in - the other allows shelving to happen.

Its all about your own personal perspective. I'm not pushing mine as being right but showing another side to the coin. The success of the current JV WILL be borne out in the future.

I don't think you are fully appreciating the excrutiating pain we would be in right now with private placements in the pennies had the Salazar JV agreement been irrivocably triggered with a feasibility notice.

Yes, I remember how fearful everyone was after the BFS was released and the 120 days started... What were we going to do if Teck backed in? Our share price was doomed.

Yes, I may be trying to be funny here, and yes - surely there would have been financing needed but in my opinion we wouldn't be in the pennies, but in the dollar range. There would be much more certainty than we have now, and for me personally - that is way more important. And if Teck walked then, they would also likely shelve it now, but at least we would have everything to sell when the market turns (and it WILL turn). The property with all the facilities and FN support, etc has a lot of value, and 100% of it and 93% of the Liard would be a tempting treat for a major, especially if the waste got proved up...

Instead of eventually getting an accounting credit for $80 M (25% of $320M) we got development commitments of $60M 100% on Teck's dime worth $15M to us as a credit, plus we get $60M cash if the project is worth putting into production, for a total of $75 million.

I can't make it any simpler.

It's $75 Million mostly in much needed cash where the benefits were: a dividend, a great Carmax deal and AZ drilling, and saving us from massive dilution avoidance perhaps up to another 100-200 million shares

To be fair, anything past what we have already recieved only comes if and when a production decision is made. We are at Tecks mercy. Its promising they are looking at it closer - but miles away from being a slam dunk. It looks really simple until you add that to the equation...

OR

No dividend, no Carmax deal, nor dilling in AZ or anywhere, and crushing 30-50% dilution of all shareholders while at the mercy of Teck's pace of development and production timing. Years down the line we would have a credit on the books for Teck's spending which is a value that would be completely dwarfed by the loss of value from the offsetting dilution.

Personally, I dont see the value in Arizona. If you do thats ok too. Other producing mines next door to it knew it was for sale at fire sale prices, but they didnt bite. To me there must be more to the story. How much are we going to spend developing it. If or when it is spun off, is our value put into it already going to be retained or is it back to fire sale prices to get it spun off... I dont have answers.

Also, Carmax isnt looking great to me, the good ore was down fairly deep (kind of like our good open at depth holes that are below the bottom of the pit). Yes we got it at fire sale prices, but much money is going to be needed to advance it. What did we spend on Schaft Creek - 90 million.

I would have rather they kept the dividend personally. 2.75 cents wasnt much of a liquidity event to me.

300 - 500% dillution under the Salazar agreement, I think that is a pretty big stretch. Our SP would be much higher than now IMHO. I dont remember anyone calling the impending doom of dilution when we were waiting for then 120 days - it was a time of great hope. Plans for Vegas and stuff. I guess I remember it differently.

Take your pick. I say Thank God they didn't trigger Salazar by delivering the feasibility notice and instead negotiated a win-win 'out-of-the-Salazar-box' solution like this.

Still to this day I have not had a single rebuttal to these facts and views. I think that most here will agree that saying something like "Nothing is certain" just doesn't cut it as a rebuttal.

I respect your point of view Golf. I just dont agree.

If you ignore the risk that its possible for Teck to shelve us and then your statements make sense to me.

Explain the win-win if we are shelved though... It absolutely isnt certain we are going mining in the near term and thats where I think it all falls apart.

We wont have anything saleble to sell with the JV but 100% under Salazar.

Like I said - take your pick. Its all speculation, not fact.