Who cares about Chromite?
in response to
by
posted on
Sep 15, 2008 12:23PM
Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.
who cares about chromite. It doesn't make our stock go up. I doubt it's easy for Peter to raise the cash for future holes. If he didn't dillute FNC a little at 2 dollars, he has to mentally adjust to that mistake and dillute it for a lot more now to raise the cash. I suspect he's simply waiting for official hole assays to decide how to act. That's what I would do, in case there is something positive. But let's face it, hole four probably doesn't have much, and it will be a while until FNC has cash to begin a drill program. So FNC is doomed until next year and there are other plays to make money in the meantime. I anticipate FNC to sink between .20 and .25. FWR chromite finds won't stop FNC's decline. Since ROF, many people are better educated and will not jump so fast at anticipation. Even FWR finding nickel won't help FNC too much. If you don't have it, you don't have it. This doesn't mean they won't have it in the future, just means we are all intolerant of speculation now. It burns too much.
Set aside conspiracy theories, by the way. P.Smith doesn't benefit for stock sinking and Sheriden hardly shorted enough to benefit. I'm sure Peter is not surprised at not finding the goods as well. He knows good drill program takes hundreds of probes. He was just hoping he might luck out. No luck. That's spectualtive minning for you. Make sure the money your investing is not money you need.
Summary: don't leave ROF, there is plenty of cash to be made. But by now we've all learned, a Vosey's Bay play ROF is not. At least not this year, and probably not until halfway through next year. The money to be made is in the one or two multiples, not the skyrocketing stock. Transfer cash to the active player (right now it's FWR) make a half multiple to two multiples then sell it. Move to the next company that's drilling.