colossus, want to form a partnership to scoop up this thing?

Anyway, I am trying to get an overall picture of FNC, and the more I found the more confused I became. Don't recall where I posted all the stuff, SH or AGO), but here is my latest summary.

- RGX: 9Ms x 0.445 = $4M (in escrow, but marketable security...2013 which is not too far away). This itsy bitsy bit accounts for 1/4 of FNC market cap of 18M.

- Cash in the kitty: Some 6+6.5 (recent PP) = $12M, say $10M which is 10/18 = 55% of FNC market cap....PLUS

- 17.5%CHM (and 1.5%NSR...can someone confirm this, since this has not been mentioned very often when we talk about the CHM holding. Value ball park: 17.5% x $120M = $21M

- Magpie: in the order of $100M.

- Lac Lamelee: Very decent drill results from today's NR. Fe grades are respectable, in the 30%, and comparable to companies in the same playground (CHM, CLF, Arcelormittal). Intersections are near the surface. I have not checked the potential tonnage, but it should be sizable. Assigned value: In the order of $100M (i.e. not $10M level).

- McFaults: Almost forgotten about the property (next to NOT, has potential for Chromite, Ni and other stuff..., next to BD of CLF/KWG/and PRB Black Creek, and transportation access which CLF wants badly (CLF is buying lands from cash-strapped UC for $6M). Assigned value: $10M++ (another 55% of $18M market cap).

- etc, etc.

Would welcome any refinement to the above if you have better info.

Bottom line: There is something really wrong with FNC sitting at 24 cent level.

goldhunter