Originally, FNC together with its 50% partner, The Sheridan Platinum Group Ltd, holds a total of nineteen properties, located in the Fermont Iron Ore District in Quebec's NOrth Shore region.

Sixteen of these properties habeen optioned to Champion Mineral Inc., who may earn up to 65% interest by spending a total of $6M over a four period which began in 2008, and making staged payments of cash and shares. As a result, FNC and Sheridan each owns 17.5% of these sixteen properties, plus 1.5 million shares (now less 375,000 shares for FNC) and NSR (Net shelter Return).

Two of the properties, the Hanna and Consolidated MOrrison have been sold to Argex Capital Inc. "RGX" in return for shares (~ 9M) and an NSR.

The last property, Lac Lamellee, remain with FNC and Sheridan. In the latest news, FNC. has increased its interest in the Lac Lamelee iron property located in the Fermont district of northeastern Quebec to 100 per cent through the transfer of 375,000 shares of Champion Minerals Inc. to its partner Sheridan.

So, FNC retains its 17.5% ownership of its in the Fermont Iron Ore District plus 1,125,000 shares of CHM and NSR but owns 100% of the property Lac Lamellee.