I'm very much in the camp of those who think TCK will buy us out just prior to the release of the FS.

I agree with you, almost, Chunky. I think they will have up until the time they declare what percentage they are going to earn-back. Although, instead of declaring a percentage I think they'll just make an offer for the whole package, that may include a spin-off for Elmer to shepherd into the next deal.

I know I've had this argument before, but I think they can hold off others while they still maintain the right to earn-back an unknown percentage. Someone could make an offer assuming 25%, but I'm not convinced that they will so I think it could come anytime between now and 60 days after the release of feasibility.

(The 60 days post-feasibility is because they have to write up a JV agreement with Teck sometime between 2002 and 60 days post-feasibility and I don't think they will bother at this point.)