Hey Volpino - I'm glad you read it but I think you missed a few key things in your reading which I feel has given you a misleading interpretation. My full interpretation is here:
http://agoracom.com/ir/CopperFoxMetals/forums/discussion/topics/563325-forget-everything/messages/1772861#message
Key points you've missed I think are " The report will be considered to be positive if it generates a positive NPV in either of following two cases:" That is, one or the other. It doesn't have to satisfy both. We aren't going for (b)(i) - the 12% case, we're going for (b)(ii) the 8% case. (b)(i) has no bearing on us or any of its conditions. Key word is either.
Secondly (b)(ii) is clearly defined as "(ii) secondly, the report will be considered positive if it indicates that production from the Property would, on a project basis, generate a NPV of at least $1.00 using a discount rate of 8% assuming a mine life of no less than 15 years andvcopper metal production of at least 50,000 tonnes per annum;"
We definitely achieve that, and all other conditions for section 5 c-l. They have no reason to decline it. It's is highly unlikely they will. Outside of the fact that we meet everything in the agreement themselves - we've had an internal review, an external review by Merit, have worked with Teck (who made recommendations which were simple in nature) and TT has also likely reviewed it after they finished it. 3 reviews by different sources and input from Teck - they completely kill their image of working with Juniors and would likely lose if we took it to court. There's no way in my mind that they can decline it as "positive" or "bankable". It's possible that they don't buy us out, that they take a lower percentage or take shares/NSR but I can't see them saying we don't have a legitimate study given what the agreement asks for.
