PS will be back from vacation on Friday, June 17th. During his vacation, he maintained open communication with all his staff and BOD. For me, it is better for him taking early vacation rather than later especially in mid of busy summer projects.

1) Assay Results at MacFauld’s Drilling

FNC has received incomplete assay results. Missed assay results will be delivered by the lab at any time. Perhaps, it took longer due to the extensive lab analysis required on massive peridotite encountered from 710.7 m to 763.9 m downhole from previous drilling.

The latest drilling (hole FN-10-27), that was started on June 2nd, has been finished and I was informed that it had even higher grade of chromite (The average grade at the drill hole FN-10-25 was 43.5 per cent chromium oxide (highest at ROF) and had a chrome-to-iron ratio of 2.09). I’m not privy to any further information.

2) Assay Results from Beauce

Assay results are long overdue by the lab and Peter missed the opportunity to make a press release on this prior to taking his vacation. Results haven’t yet arrived in as of today. If not arrived by the end of this week, Peter will follow up the lab on Monday. You know that Peter was on the drilling site in early April……..

3) Magpie & Second Tranche

The second tranche was supposed to be done on the closure of the first tranche by rank #4 steel company in the world. Whereabout is not clear. A total of $3.23 mil is enough to conduct metallurgical work, upgrade 43-101 report, further drilling to increase from billion tonnes at 43 per cent Fe and 11 per cent TiO2. Ironically, upon no closure would be more beneficial to the shareholders because of the increased ownership on Magpie (46.7%). IPO’s targeted at late fall and shareholders will directly own Magpie shares as a result. It was confirmed (share distribution to FNC shareholders). No firm date has been set for Magpie iron drilling. The company is in preparation for applying for patent similar to Argex mining’s. I believe it is something about technology related to metallurgical work.

4) Lac Lamalee Project

As you now, sixteen of these properties have been optioned to Champion Minerals Inc. and two of the properties, the Hanna, and the Consolidated Morrison have been sold to Argex Silver Capital Inc.

The last property, Lac Lamellée which will have 500mil to one billion iron ore, is 100% owned by Fancamp. This property is the centre of all Fermont properties. For this reason, FNC didn’t lose a grip on this property.

The base camp has been set up and now ready for commencing the project. Aggressive drilling is planned in a couple of weeks.