Copper Fox Metals Inc.

That's the trouble I have in valuating our interest in the JV. How do you value $800 million of financing done on behalf of us by Teck?

Teck is arranging the financing but we're still taking on the debt and have to pay it back.

I don't know that there is an economic value in having Teck arrange the financing. It just increases our ability to sell the project to non-miners—like investment funds. It makes it more attractive to a whole range of different people who don't want to be involved in actually mining or taking the risk with financing.

When you think about it all that clause means is that Teck is making a deal for the financing by putting their weight behind the project. When Teck says they are going to make this a mine, then someone will finance the project knowing the money will be paid back by Teck.

When Teck takes the financing they are going to put up 100% SC against the loan.