Here are the relevant quotes from the March 7 news release. This is called an option, an option to enter into the JV agreement. And as the company said time and time again, in writing (not a hearsay phone conversation) it is a SOLID Agreement. -

 ...held by Spider and its joint venture partner, KWG Resources Inc. This LOI confirms the terms and conditions on which UC will have an option to earn-in to an up to 55% undivided interest in the McFauld's Lake project, which is currently owned, as to an undivided 50% interest, by each of Spider and KWG.
...
If UC earns a 10% interest, and elects not to proceed with the option, it's interest maybe repurchased by Spider (66%) and KWG (33%) for an amount to be agreed by the parties, acting reasonably, other wise the parties shall immediately enter into a formal joint venture agreement, which shall provide, among other things, that Spider shall be entitled to contribute such further amounts as may be required to take its interest relative only to KWG, up to 66%, prior to KWG being entitled to contribute amounts to the joint venture, and otherwise shall contain standard provisions commonly found in joint venture agreements in the industry.