Billiken has two drills on the way into the site this week, one of which is for FNC... Drilling will start shortly.

Smith sounds very eager and prepared. The last geophysical data from the winter is currently being reconciled, with ongoing ground geophyics in participation with Noront. They will share all data on anomalies on their (NOT/FNC) borders.

He is very positive about the prospects for the ROF region, and has some very exciting anomalies on his property. Given the long intercepts of peridotite that NOT drilled near the border of his property (the 4 holes), he thinks this is significant as this speaks to the volume of the sulphides that remain to be found - more peridotite volume = more sulphides volume...

Recent drilling by other comanies in the ROF has not changed or impacted his interpretation of the targets (suspected sulphides) on his property. In fact, recent VTEM surveys have uncovered some other large conductive anomalies in known large MAG anomlies. The AeroTEM III surveys will only penetrate to roughly 75 -150 metres, whereas the VTEM will penetrate much deeper, and he says the VTEM surveys have uncovered significant conductive anomalies.

He also confimed that because DE1 is thought to exist/occur within a magmatic suplhide conduit (according to NOT), a very pertinent question is where does the conduit come from, and where does it go?

The imminent commencement of FNC's drilling campaign should provide for a very interesting summer... Keep your fingers and toes crossed, and pray every day to Mother Nature that she bless us 'massive' sulphide riches..

Regards,

B.