Excellent Post anacona. Very concise with great reasoning.

Have you or any of the other posters inquired about how much money FNC has in the bank left to drill? This could make a difference as to how many holes get sunk. I actually like that Smith is being so thorough about defining his targets. He doesn't seem to be a money waster (understatement here!) So hopefully he'll feel comfortable enough to drill all that is necessary when the time finally comes....or have done enough homework to hit early (wishful thinking!)

I have a small holding in FNC and won't add until I begin to see some upward movement. But your well-reasoned comments give me a lot to think about.