I feel confident FNC will smash into orbit and I stand behind the timeline I developed, with a few modificications: Magpie second tranche is taking longer then anticipated, a major's involvement in Magpie may involve more drilling first, and three weeks later then I hoped in drilling Lac Lamalee. There's really not much else to talk about yet.

However, Fani's point is valid:

"we will at some point get a hostile bid and i prefer to see the share value at a proper premium - not as a multiple to the discounted value we sit..."

Someone could take out all FNC for 100 million or $1 per share, or a triple from current SP. For 100mil they get 17.5% of CHM's 3 to 5 billion tons of iron, Lac Lamalee, 50% of Magpie, lots of Chromite in ROF, etc... Sure we might veto 100 mil offer, but how about 150mil (1.50)? Would Pat's relatives, and other large multi-million dollar investors say no? I want $5 minimum before I said yes, but do you think Mineralfield investors would say no to a 5-times multiple?

I'm still not sure why MF doesn't get involved more and see if they can get at least a 10-times multiple. Perhaps we need to give them something more: more chromite, more iron,more of everything so they have something to push. What did Champion do right, and what can we do to immitate their succuss. Cliffs and Baosteel are in ROF. Cliffs is in Lac Lamalee and tight with Champion. The clock is ticking and hopefully more ore next month will set off the alarm.

I feel confident in FNC profit, even thoughI'd like more then a 5 multiple. With this confidence, I switch my mindset back to vacation mode. Bye. Hopefully you all have been averaging down, and not stuck with holding bars of silver.

-sg