From NR announcing Financial Report on Feb. 14, 2013 - Forward Looking Statement
"Known risk factors include, among others: the results of the positive Feasibility Study may not lead to the development of a mine at Schaft Creek or commercial mining operations; the project development plans and timing for Schaft Creek as outlined in the Feasibility Study may not occur as currently anticipated, or at all; Teck may not accept that the delivery of the positive Feasibility Study constitutes delivery of a "Positive Bankable Feasibility Study" as defined pursuant to the terms of the Teck Option Agreement; the 120 day period that Teck has to exercise its earn back rights may not have commenced;"
1. There is no mention above about the NOTICE. Besides, Teck had 30 days to demand the Notice or reject the PFS in the 30 day review period for incomplete submission. 30 day review period has now passed without any request from Teck therefore, by default, the PFS is acceptable with or without Notice.
2. "Teck may not accept the delivery of the positive Feasibility Study constitutes delivery of a "Positive Bankable Feasibility Study" as defined pursuant to the terms of the Teck Option Agreement" - Teck has passed the 30 day review period to reject the PFS. It is too late now for them to claim the PFS as unacceptable.
3. "the 120 day period that Teck has to exercise its earn back rights may not have commenced;" - It would not have commenced if Teck had rejected the PFS within the 30 day period. However, Teck did not respond to the 30 day review period which by default makes the delivered PFS ACCEPTABLE. Therefore, the Liard Shares are due to CUU (according to conversation with Elmer on April 1, 2013, CUU just need to ask for it - but has not); and 120 day clock has started (as per conversation with Elmer, June 4th, that's 4 months, that's about correct.)
IMO, the clock has started. 50 long, long days to June 4, 2013. Hang in there everyone we have waited years, so what is weeks and days... we should be able to hold our breath a little longer.
