Highly prospective exploration company

Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.

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Message: MF + Weak Market = short term trouble

One sure thing to do by FNC management is the share buy-back plan for about $1 million to take shares away from MF and sever the death spiral financing. FNC has enough cash and cashable securities to implement this. We need time for about two months to bring up upgraded/new reserves and avoid any potential damage from MF till then. As I understand, MF turned down 3M shares offer at $.39 in the past and is still playing a sickening chicken game. Anyway, FNC will have more than enough cash by early 2012. Stop or delay the desolution lake project and ROF drilling to later 2012.

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