I've changed my mind, and now believe FCX is a potential partner for LBSR at Hay Mountain. This does not mean that FCX may be a partner in the upcomiing pilot drilling program, but that they may eventually want part, or most all of the project.

Formerly I did not believe this possible as FCX was not interested in exploration properties, at least from the time they acquired Phelps Dodge (in a deal which required PD to dump exploration activities). Since then, however, FCX has aquired some major exploration projects, and more recently also moved into the "energy" sector - two reasons for them to be interested in other Arizona-based projects.

Also, FCX has weathered the downturn in the sector in such a way as to make them a favorite among mining investors. Note yesterday's 12-month high, which places them in a far better position for new acqusitions than their competitors who are cutting back to conserve cash. [Recalling here also that some geophisics suggests that some oil resourcec exist in two large deposits that may extend SE-NW from Mexico into New Mexico and Arizona.]

http://finance.yahoo.com/echarts?s=COPX+Interactive#symbol=copx;range=1y;compare=fcx;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;

Intersting, no? Maybe an early deal with the likes of FCX could get LBSR far more than a 10 percent final interest in Hay Mountain. We shall see soon enough, I suspect.

VP in AZ