Fancamp is NOT putting up any money for Magpie so neither will Sheridan.

both of them get diluted investments in Magpie the private company to the extent of 10 million dollars being raised by the PRIVATE company Magpie Mines Inc.

the announcement yesterday was just to inform shareholders that ACTION is taking place with one of it's major investments.

but like usual Peter - the PR sucks in terms of clarity an opportunity to tell shareholders what a marvelous play this can be...

what does 1 billion tons of 43% mean? why not say we expect this project to have 5billion dollars worth of iron ore with close to 2.5billion value to Fancamp shareholders... why don't they SAY what Management is trying to prove up in $$$$$$ not just tonnage....

why? because they don't know better.

I agree with you that fancamps latest PP was done without knowlege/update of winter drilling /surveying etc... but on the other hand it did get done ABOVE the 50 cents market price.

My biggest fear is Peter continues to turn Gold in MUD.... but i take comfort in the fact that those behind the scene have enough greed and captialistic drive to make this a winner inspite of Peter and his lack of abilities to be CEO / COO --- at best he is VP Exploration in any other company.