Smith was sure Fancamp was sitting on the source of the Nickel Noront found and FNC rolled the dice that a small 4 hole drill program would prove him right.

We welcome to snake eyes, now Smith doesn't know why the favourable 'target' geophysics proved to be wrong. Some assays on cores sent out but answers are likely to come back fast nor perhaps to change market's opinion of prospects.

Gambled on what looked highly probable to triple or quadupal FNC share price and lost. Those of us who bought in some months ago lost big time.

So where do we go now? Unless a jv deal is struck with Noront or another in the 'ROF' it's unlikely followup drilling will be done this year. To get a favourable 'deal' Smith is going to have to come up with convincing reasons why nothing was found and why it's possible/probable that more drilling will find excellent mineralization.

Our share price is going to follow closely what the market thinks of Smith and FNC's chances are of doing some deal. Raising financing in this market is probably not going to happen.

My personal guess is that the 'target' will sit now for a year until more geological data from the 'ROF' is produced that can justify going back and drilling. Our money is probably dead money until then but I'm not selling just in case Noront turns up more close by in similar environment.