Good that this JV has finally happened. It seems quite low risk for Teck in terms of cash payments and great for Copper Fox who couldn't keep dumping money into this.

What I don't like is the "spirit of agreement" language which basically lets everyone void the 2002 agreement, making it largely meaningless. I invested based on that agreement and other timelines given - and I learned a good lesson, these documents can't be trusted. Elmer did give hints however (like the post FS conf. call in Dec. 2012) that the old agreement wasn't airtight.

10,000m drilling is a bit disappointing to me also for this season. That's it? After waiting all this time.

My two cents is that this new agreement will be good for Copper Fox but the results likely won't be realized by shareholders (i.e. high shareprices of 2011) for another few years when environmentals pass and the decision is made to build the mine. I don't see much improvement upwards for Copper Fox this year unless some great drill results start rolling in.

Will continue to sit on the sidelines and watch this play out.

GLTA