RE: RE: Copper Fox acquires 100% interest in SchafThis news was expected at some point. CUU has completed their part of the agreement which originally was for them to acquire the interest by spending a crapload of money on Schaft Creek. Teck is just honoring that part of the deal. They're not backing out, CUU has earned the interest according to the agreement. This has been all part of the original agreement from 2002. It's a good thing that Teck isn't contesting it or saying CUU didn't complete their part of the deal.
Now CUU can proceed with the feas. study. and if Teck wants to exercise their back-in option (as per the agreement) they will have to pay hundreds of millions of $$ to CUU and share in the mine development and production costs.
Teck seems to like these "back-in options" where they let the little companies do all the groundwork and jump through the hoops and risk their own money. Then once the risk is gone, the groundwork is done and if the prospect is a money maker Teck comes in and backs up a dump truck full of money.