(With all due respect) I beg to differ on FNC waiting it out as I think they have become quite active on their claims located next to the Eagles Nest. Some have speculated that this activity may push NOT into making an offer for FNC sooner rather than later.

News from Marketwire

Fancamp Closes Flow-Through Financing With MineralFields Group; Further Drilling Planned at McFauld's Lake

14:28 EST Monday, November 09, 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): Fancamp Exploration Ltd. (the "Company") wishes to announce the closing of a non-brokered private placement of $1,500,000 through the sale of 3,000,000 flow-through units (the "FT Units") at $0.50 per FT Unit to MineralFields Group. Each FT Unit consists of one flow-through common share, and one-half of one non flow-through share purchase warrant (the "Warrants"). Each whole Warrant is exercisable into one common share at a price of $0.75 per share for two years from the closing date, subject to earlier forced acceleration in the event the Company's shares close at a price of $1.00 per share or more for 30 consecutive trading days after the four month hold expires. The flow-through shares are subject to a four month hold period expiring March 7, 2010. Finder's fees have been paid to Pope & Company Limited and Limited Market Dealer Inc.

The funds will be used to further test the known C1 and C6 nickel/PGM targets at McFauld's Lake. Drilling will be preceded by downhole directional surveys and geophysics on previous holes, where possible. The C1 target is, of course, of particular interest as it is part of the Eagle 1 Intrusive Complex and exhibits evidence of similar massive sulphide mineralization.

This is from Fancamp’s MD&A released December 30, 2009

100% Owned McFaulds Fancamp Property, Ontario

A reconnaissance drill program has been completed on the Company’s C-1, C-5 and C-6 targets. Six holes were completed on the C-1 target for a total of 2400 metres. Assays were taken from a series of 1.5 metre test samples, at ten metre intervals, in Holes 1 and 2 (28 samples in Hole 1, 18 samples in Hole 2) drilled on the C-1 target. The “one metre of granular semi massive pyrite” in Hole 2 assayed 3.52% Ni, 0.17% Cu, 2.7g Pd and 233 ppb Pt over 0.9 metres, from 44.1 metres to 45.0 metres in the hole. The high grade nickel mineralization seen over a narrow width in Hole 2 was intersected again in Hole 10 where massive sulphides were seen over very narrow widths again within a zone of less than one metre, some eight metres down dip of the original intersection at a vertical depth of about 40 metres. This occurrence, given its location, is highly significant, representing as it might, the edge of a larger sulphide zone at depth. The intersection lies approximately in the middle of a one hundred metre length in the hole from surface which is characterized by extensive faulting, strong hydrothermal alteration including development of hematite, chlorite and serpentinite. The zone is believed to be steeply dipping and lies

about 100 metres to the east of the original VTEM “conductive corridor target” tested in the drill programme. Holes F-08-11 and F-08-12 were drilled to test the high mag feature located on the NEsector of the C -5 target. Both were drilled from the same setup, Hole 11 at 50 degrees NW and Hole 12 at 70 degrees NW, to 150 metres and 165 metres depth respectively. Both holes intersected a 25 metre wide zone of banded chert magnetite iron formation, lying on top of what is interpreted to be the pre McFauld’s granite basement, dipping at some 60 degrees to the SE. Minor sulphide replacement of the magnetite was noted and assay results of this material indicate geochemically anomalous copper and gold values. Volcanics and volcanogenic sediments overlie the iron formations in the drill holes, and a large gravity high just SE of C-5 suggests the presence of chromite rich zones higher in this stratigraphic section.

The high grade nickel mineralization seen over a narrow width in Hole No. 2, was intersected again in Hole No.10 where massive sulphides were seen over very narrow widths again within a zone of less than a metre, some eight metres down dip of the original intersection at a vertical depth of about 40 metres. The local dip appears to be about 40 degrees to the west and, Holes 8 and 9, drilled at 45 degrees and 55 degrees respectively to the west (east of the No.1,2 collars) on the assumption the zone was near vertical, appear to have undercut it. This mineralized zone, small though it appears, is open down dip and along strike. The nickel mineralization occurs close to the eastern granite contact of C-1. Geophysics suggests that this contact is highly irregular in a vertical sense, with granite “overhangs” and vertical walls at depth. Deep penetration TDEM suggests the existence of strong conductivity near this contact at depths on the order of 400-500 metres. Further exploration work is planned to begin in 2010.