To clear up the dilution - magpie needed money to drill so peter and sheridan put up the $$$ through another company on a 50/50 basis - that new company owns the difference of 2.6%- not sure at what value they did financing thought it was around 15 million.

IPO - that is still the main thrust for magpie - spin out a % to new co raise dollars... details of what is to be retained and when - if the magpie is spun out to current shareholders still up in air.

Valuation - need some help here - based on preliminary back of the enveloppe calculations -

1 billion tons of minable ore (news release) @ 40% FeO3 = 400Million tons x $100 dollars net per ton (this was a figure given to me based on other projects) - so thats 400 billion of value - 48.7% owned by Fancamp or 200 billion (minable years - ??) - that's $666 per share based on 30million shares. - go ahead and discount all you want - still ridiculous.

HELP ME WITH THIS - and let's try and nail it down a bit further.

Magpie is a slam dunk in terms of the ore being there - once the initial drill holes are complete

what bothers me is that Peter is so low key and ho hum about the prospects -it grates on me....there is a significant asset that is most likely bigger than McFaulds yet there is no sense of urgency..

fancamp needs help to market itself and deal with the market and pr functions... peter is too busy on the geology side to also handle the other aspects...

focus people.. get on the horn and call for action...we need attention.