From my prospect I continue to see value in FNC, wheather it's from the Beauce, McFaulds or the iron projects. While news about Magpie may not be what's expected and exciting as a significant Ni/Cu/PGM hit at McFaulds we might be surprised about the data that comes from the metalluragical study on the greater then 1 billion ton titaniferous magnite deposit. Successful recovery of titanium from the magnite could add much value. FNC owns 48% of Magpie and 17%of the CHM iron project.

The McFaulds drill program however has me on the edge, much has been made of Harvey's expertize and knowledge about sulphide deposits and his experience at McFaulds. The assembly of an advisory team and contracting a IR firm rings loud and clear. As well, the lack of info coming from our western neighbour who are drilling deep into the convergence zone. It's way too quiet and both FNC and NOT have really kept a tight lid on what is happening. As you note the news may not live up to the hype but I continue to believe we could be in for a surprise.

The Beauce is a wild card. Peter has the drill turning here following up on history and recent VTEM survey. One intersection with visible golden color will drive the SP.

Next week will be very interesting.

Cheers,

mh