FNC only held 50% interest in Magpie... They hold 100% of Mc Fauld's Lake properties, not to mention the cost base is different and they have already announced a program of work on Mc Fauld's Lake. They could not transfer it without preserving/transferring the value of this asset to shareholders of FNC -the regulators/exchange would not allow it, not to mention it would be very dumb because we could launch a class action and easily win.

So far FNC has created no value for shareholders with its 50% interest in Magpie - no money has been spent, and no work has been done. Furthermore, they only own 50%, so they cannot operate or retain control of the property anyway.

It seems obvious to me that both FNC and the Sheridan Group jointly own Magpie Mines given the share issuances to both - Magpie Mines was created to hold the Magpie property. The fact that they now own a company whose only asset is property they jointly owned until they transferred it to the new company they jointly own means that net effect on ownership of Magpie is unchanged!

Again... The whole things seems harmelss, and in fact beneficial to me as an FNC shareholder.

Regards,

B.