stock greed, I would agree that Magpie is FNC poster-child property and has potential to contribute significantly to the value of FNC, if FNC knows how to promote it. Contributing factors:

- massive deposit: 1Bt @43%Fe, 11%TiO2, 1.5% Cr, and V2O3 which is quite respectable compared to CHM Fe and Argex Titanium deposits. NI 43-101 resource estimate (to confirm available non-compliant estimate) scheduled by year end.

- The deposits are easily extractable, little overburden on them hills (see video on website for a very nice fly by).

- Metalurgical test results are good with high recovery of TiO2

- FNC has 46.7% of Magpie with IPO scheduled for Spring 2012.

- located in a friendly region where local government is encouraging mining activities by providing subsidies, tax refund, transportation, power supply, etc...

- Comparison with RGX: Using the most valuable component (TiO2) the grade at Magpie is lower (10% compared to 18% for RGX) but the deposit at Magpie is much larger (1.1B t non-compliant versus 101 value of 50M t for RGX. (Note: Even though we are comparing non-compliant with compliant resource estimates, the difference is just too great...confirmation needed, anyone?). As a very ver rough estimate, the value of Magpie should be in the same rank with RGX, which is ~$120M. Take half of that = $60 for FNC share of Magpie. As indicated, no detailed calculations have been performed to support the $60M value, but just to indicate that value of FNC share Magpie is in the order of $100M and not $10M (Imagine $100M/75Ms = $1.3/share for FNC (which is nice compared to 24 cents).

- Comparison with CHM: Using the predominant component (Fe) for this case the tonnage and grade could be considered as equivalent (again comparing non-compliant with compliant figures). As discussed in the RGX case, no detailed calculations have been carried out, but an eye-ball value of Magpie for Magpie would be about the same rank as the value of CHM (i.e. in the order of $100M, noting that this is in addition to FNC 17.5% CHM of $21M).

I would leave it here for other posters to weigh in since I have no explanation for FNC depressed share price (currently at $0.24) given the above discussion. Perhaps, Dr. Smith can shed some light?

As previously indicated, if I had $40M (from a loto winning) I would scoop up the entire FNC in a heartbeat.

goldhunter