Talk about dubious!  Correct me, but I'm of the assumption after reading this that the Parties involved with Sheridan and Fancamp now own the magpie project 'privately' instead of 'publicly'.

Due to the challenges presented by this type and size of deposit, it was deemed that the most effective way to proceed would be to sever it from Fancamp and Sheridan's other operations and to finance the project separately.

Why couldn't they create a fully owned subsidiary and distribute shares of "Magpie Mines Inc." as dividends?  How about some 'Magpie' options?  What about royalties?  Why not JV??  As a shareholder, I see nothing in this NR that is of benefit to me... where is our corporate governance Fancamp!?  

One of the implications, now that accounting has transformed Magpie into an investment asset, is that they may sell the 'privately owned' Magpie shares to a 'private party' at any time with only a little blurp required within company financial statements.  Coincidentally, 'Fair market value' of a private company is book value, which for an exploration company - is negligible... cheap shares anyone?

To be fair, another possible alternative could be that Fancamp could sell these shares publicly in the future to finance their McFauld's Operations?  For some reason my gut tells me this is unlikely.  Maybe because it is only such a simple contract for what would be such a convoluted means to obtain capital.  

IMHO This has 'inuendo' written all over it. .. and I had no idea Sheridan had such a substantial position in Fancamp!  No wonder management does not seem 'industrious' or 'eager' to explore, Sheridan hasn't unlocked the value of his shares yet and will likely sell as Noront is proven next-door.

What are you doing Fancamp!