You forgot a 3rd thing, someone else comes in and we use the Right of First Offer on Teck.

I was including a third-party offer in the perceived value, because we likely won't get an offer until the value seems higher.

Quite honestly I don't think this will sell to anyone but Teck because I think Teck will understand the true value long before anyone else. They are probably quite well aware of it right now--they just don't need to buy it yet. I still believe they have a plan to drill and make a new mine plan and so they are not in a particular hurry to buy us out. But, I doubt they will put out a new FS or announce the EA before making an offer.

There is the possibility that Teck is actually already in discussions with a partner (or maybe even in buyout talks with Copper Fox--who knows?) There just aren't that many players out there able to take on such a large project. I feel certain that Teck will set the price and terms when they are ready.

RabidTiger has suggested we might learn something from the upcoming Teck quarterly reports and I'm looking forward to hearing what DL has to say. I'm particulary interested in any comments he makes about QBII because that might give us a hint about how much of a hurry Teck is in for SC. My gut tells me they would want to get this project moving along fast.