Seems like the industry deems reasonable a sale around 70% of the NAV and possibly up to 100% during great market conditions (e.g. 2011).  We are currently not in optimal conditions to request 100%.

Assuming they can manage a way to bring Schaft Creeks NPV (8%) value up to 3.2B, that would translate in our 25% being valued at (800M x 70%) = 560M + 40M (two remaining payments), therefore 600M.

In my opinion, exploration potential will be handled with a 1-2% NSR.

Conclusion, 600M + 1-2% NSR is my guess.

MoneyK