Last year, Quaterra Resources(TSXV:QTA, OTCMKTS:QTRRF,FWB:QR2) inked a deal with Freeport-McMoran Nevada for an option agreement worth up to US$138 million for its projects in the Yerington district of Nevada. On Monday, the company announced that Freeport Nevada has completed Stage 1 of the agreement and has committed to moving to Stage 2. That means the company will make option payments of US$7.1 million over the next 12 months as Quaterra and Singatse Peak Services (SPS) explore the Bear deposit in Yerington. The market reacted well to the news, with Quaterra's share price closing up 18.75 percent, at $0.095, in Canada, and 20 percent, at US$0.799, on the OTCQX in the US. Roughly 334,000 shares traded hands in Toronto, and 773,386 in the US, almost five times the average trading volume for the company. Despite today's tough market, Quaterra's share price has gained about 111 percent, or 5 cents, in Canada, in the past three months. The Investing News Network (INN) had the chance to speak with Steven Dischler, president and CEO of Quaterra, to get more insight into the news. In the interview below, he speaks about what's in store for the Bear deposit, and about Quaterra's strategies as well as some of his views on copper and the market in general. INN: Freeport Nevada recently agreed to move to Stage 2 of your option agreement, which is big news for Quaterra. What would you highlight for investors?SD: The bottom line is Freeport Nevada has now committed US$7.1 million towards option payments for Quaterra and SPS over the next 12 months. We'll use these proceeds to fund exploration of the Bear deposit, which is a large porphyry copper system in the historic copper district of Yerington in Nevada. Freeport Nevada is a subsidiary of one of the largest producing copper companies, and they have an option to earn a 55-percent interest in SPS by providing US$40 million in funding for [our projects].