Don't you think we would lose more by doing a JV now?  If they can drill the extension and show good results, that would remove some risk and increase the price tag no?

Copper Fox management likes to own 100% of VD and will certainly want to keep control of the property this time as long as possible.

What kind of JV would be a win-win in your opinion?

Most of the time, the JV's don't really look like true partnerships.  There's probably reasons behind them, but I would much prefer something like:

- a major pays X million to Copper Fox to get the 1st chance at VD.

- the major agrees to pay XX million to drill & complete the FS in a certain timeframe.

- the major agrees to pay XXX million to Copper, in a certain timeframe, based on a pre-agreed percentage of the final NAV. 

In they cannot meet one of the above, the JV would be cancelled and Copper Fox would still have 100% of the project.  That would limit everyone's exposure in my opinion.

MoneyK