Back in AgreementWhat I like is on the letter to shareholders April 17 and I also really liked the Metal Prices definition. It is on the second last page of the options agreement letter:
"On completion of the feasibility study, Copper Fox will have earned Teck’s 78% ownership in Liard Copper Mines Limited."
"the report will be considered to be Positive if production from the Property will generate a NPV, herein after defined, of at least $1.00."
" I. Generate a NPV of at least $1.00 using a discounted rate of 12% and assuming a mine life of no less than 12 years and a copper metal production no less than 25000 tonnes per annum."
"Metal Prices" means the Canadian dollar prices for minerals agreed between the Participants, and failing agreement, the average London Metal Exchange posted price in US dollars for the 180 calendar days preceding the date of the feasibility study converted to Canadian dollars at the exchange rate.
So it can now be assumed that Copper Fox owns the indirect portion as well. In addition the metal pricing that can be used in the Feasibility isn't the 3 year average that we all of used but can be a 180 day average.