Of the top 10 holdings, most companies maintained their sp's very well compared to the market conditions. FNC was an exceptional case.

The iron ore sector had a strong performance from Sep. to Feb. in the following year. AGM will be scheduled by the end of Oct. and Peter along with other directors have to be sure to make shareholders happy by early Oct. to keep their positions. Its not just for a few of us but a total of 59 individuals and institutions that participated in the last financing (.75 flow-through & .80 non-flow thru shares) should be sure to be happy in the next two months. This will create a tremendous pressure on Peter. Last progress update was intended to improve communication with the public.

Delays in initionating projects created gruntle, but those projects are finally on the way.

Magpie - will increase NI 43-101 compliant resource from 285 Mt to about 700 Mt in Deposit #2.

Lac Lamelle - will have new 43-101 resource to ??? from nil.

Fermont - from 1.55 Bil Mt to 3.5-4 bil Mt. Champion will announce certainly positive results from drilling at the Lac Moire project in 3rd-Q this year. Three drills are cranking in early July at O'Keefe -Purdy. Four more Fermont properties are planned to be drilled by year-end. I hope Peter is sure to make press releases (4-5 times this year) whenever CHM announces drill results like CHM did in parallel with Century Iron Mines Corp's.

I think all indications are to be set to be positive.... and you never know FNC already received an offer from Champion, IMO.

FNC has a strong cash position, management could consider the share buyback-plan for 1 million with the warranty options exercised at .75-.80.

Just my opinion only.