Just having fun here and assuming the following.

• - CF updates the PEA and obtains a NPV (7.5%) close to $400M US
• - Partner willing to pay 70% of the NAV
• - Production of 60Mlbs per year, total cost at $1.50 US per lbs, capex 200M
• - Copper prices at $3.00 US

They could:

1) Sell 100% for $280M US or $378M CA.

2) Sell 60% for $168M US.  After, they would need to pay 40% of the capex ($80M US) and then have 36M profit per year for the next 20+ years.  The stream of cash flow, discounted at 7.5%, should be worth today around $367 US.  For a total of $455M US or $615M CA.

3) Sell 60% now and the remaining 40% when VD is fully drilled and FS updated.  I believe the total would be similar to option 2.

With options 2 & 3, they would benefit from VD expansion and increasing copper prices.

MoneyK