This is part of a pm I recieved from a friend whom I trust alot.This friend is reliable and speaks with Peter often.Credits to my friend who shall remain un-named as per his wishes.

Magpie - 20 miles west and 80 miles north of Havre St Pierre in Quebec - last fall Peter put out a release about this property. Fnc and Sheridan Platinum staked the Magpie property for 5K and put it into a Private Company - 60M shares split 50/50.
Description - a 4 mile long property - 800 feet ABOVE ground - 1 BILLION+++ (yep with a B) ton iron ore property - grading - 10.5% Ti - 40%FE - 2% Cromium and traces of Vadium(vanadium?) plus traces of exotic metals - supposedly the iron ore converts to 70% Fe2O3 -

In his words - Colossal deposit. Peter thinks it is largest Cromium reserves in World.

History - StratMat acquired the property in late 50's and held it to 67 when Soquiem bought it. StratMat did an amazing amount of work and sampling -
and Soquiem did some work - but in 2007 let the claims lapse and Peter to his surprise and amazement - pounced..

The problem with this solid piece of magnetite - was the 10-15% TiO2 component could not be seperated out from iron ore - not a problem today according to Peter

Genivar is the firm that is preparing a 43-101 report - they have CatCam digitized all raw data from StratMat and Soquiem and they are on the property next week with aim to finish report by end of June - although Peter says that it will not provide new data - just confirmation - of tonnage

Fast calculation - if FNC owns 50% that is 500M tons ++ and at 1 dollar value of metal that is a staggering amount for FNC... more than McFaulds.But don't worry McFaulds is the focus

Reason Peter even bothered to mention the property? I asked why is his share price UP today - (he wasn't aware) so he starts to speculate because iron ore jv's OR maybe because there is a sudden major interest in the Magpie property - sent by Sheridan and his connections.

I am totally floored... Peter is leaving to England at end of week to visit his Mom and return June 13th (just before drilling) - I IMPLORED HIM TO RE RELEASE INFO SURROUNDING MAGPIE. I will dig to find out who is sniffing around.. but as he said this would not be sold unless a HUGE offer was tendered.. otherwise too valuable not to do furher work..

Fnc modus operandi is to acquire - do some work and then spin off in JV - no doubt after drills turn on McFaulds and proof in pudding there will be a JV with NOT because Peter will NOT take it too far.. just far enough to get proper value...