Roos ...

Richard Nemis (NOT) has made it abundantly clear that he favors JVs to minimize risk and to maximize dollars-to-drills i.e., get as many drills going as possible. RN sees McFaulds as a Great Canadian Area Play.

FNC and Peter Smith may be (or may not) be part of this play.

But as FNC plays their cards close to their chest, NOT and other juniors are drilling and perhaps contemplating 43-101s sometime in the next number of months. 43-101s are what the majors e.g., CVRD are really interested in - they are already interested in McFaulds - but they're asking "What's really in the ground? How much tonnage? What's the value of the mineralization?"

If NOT, FWR, PRB, SPQ, all have been drilling and working on completing 43-101s, where does that leave FNC with regards to the Great Canadian Area Play? Are they in, or are they out?

And perhaps, more importantly, how would CVRD or Teck Comminco view FNC relative to NOT as an investment or take-out possibilty?

I'm an FNC investor as well as NOT plus a number of other McFaulds juniors. But the less-than-transparent nature of FNC is confusing. Only its proximity to Eagle 1 compels me to be an investor.

Snug