Copper Fox Metals Inc.

prospekt: The JV is not established until after Teck completes earning whatever percentage they choose as their option. So whether it is 20%, 40% or 75% they have to complete the terms of that earn-back option and then a JV is formed with Copper Fox. Until that time Copper Fox is the operator, even if Teck has worked its way up to 74%.

At that point they establish a JV. Then, within that JV partnership, if Teck has at least 40% of the shares it becomes the operator as if it had at least 50% and remains operator while it keeps at least a 40% ownership.

Impecable! I think you used a third of the words the contract did and yet remains complete and impecable!