I have been sitting here with a glass of my better bitter (2007 fortissimo, made myself), and trying to put some value to this chrome we keep finding.

At the risk of raising the ire of some posters, I am ging to use SPQ news from yesterday as there are some definate paramenters given there to describe size that are lacking in either FWR or NOT. I do consider that FWR findings probably exceed SPQ to date, and NOT to be far further than even FWR because of the more extensive drilling that we think maybe could be happening, but it is difficult to put any numbers to either of them.

SPQ describes an orebody at least 400m in length. Since it obviously extends past the last drill holes, I am reasonably assigning a length of at least 600 m.

Holes 22 and 23 hit the chrome seam from +/- 200m to 230m, and +/- 240m to 270 m respectively, indicating an orebody of at least 40m vertical, increasing in width with depth. I am guessing that the vertical measurement is at least another 100 m depth and extends to surface. Thus it has a depth of about 300m.

Average width will be about 35m. weight will be about 2.2 t/m. and value per ton is about $700.00 (3 1/2% nickel @ 5.00 #).

Thus 600mx300mx35m x2.2x700.= 9.7b

10% in situ gives us a value of SPQ to date of 970 mill x25%=243mill or .77/share. This says to me that the actual value of SPQ is 15 times what it is trading at today.

If you consider that FWR has at least the same amount of ore on their property, then their value comes in at 243 mill x 1.5 (50% of SPQ)=364.5 mill or 1.99/share.Thus FWR is worth 8 times what it is trading at today.

When one considers that we are much further along with NOT than either of these plays on the chrome front, plus we have been given a probable value of 3.00 for the eagles, it becomes quite obvious that we have much blue sky on our horizons.

Regards

K