vhawkeye,

It is my understanding that FNC has around $1.5 million in their coffers. If you look at insider reports you will see some of the insiders have sold when the share price was higher. My best guess is this was done so those same insders could take down the options that the company offered its employees at $1.90 If that is the case and the insiders take down those options that would give the company another $3 million to work with. However drill programs don't come cheap up in the James Bay swamplands as I'm sure NOT can attest to.

At some point FNC will have to do a PP to drill their property. However, this is where things get fuzzy, will they go to the market to do a PP, or will they take it down internally? Of this I have no answer and its quite confusing. I asked Peter Smith why the company has no website, his answer was if he had a website he would have to put all company info out for all the see. He wishes not to do this, figures it would be showing his hand. Confused yet? Well I am. LOL

My belief is Smith is holding out waiting for a big offer from one of the majors to take down a % of this play, and do all the work. This would be the best case scenario for current shareholders as it would most likely involve the least shareholder dilution.

All this said, I will add this, Peter Smith thinks FNC has a big part of the Double Eagle discovery on FNC land, his assumptions of this was from the 2003 EM survey. I anxiously await the new surveys. I have laid my money down and certainly hope the payday comes when FNC puts that drill bit into the frozen tundra of their land.

Al