"...And what type of handholding would you want to hang your dreams on? He suggested a $5 per share for Magpie minimum...."

Candero (TSX:CDU) sold its NI 43-101 inferred Mineral Resource for US$100 million at a depressed price in 2009. CDU's has less tonnage (953 million vs 1.1 billion) with slightly higher grade (44.7% vs 43%), but Magpie deposit contains 11% Titanium.

http://www.fancampexplorationltd.ca/images/magpie%20assays%20and%20ddh/Final-Magpie-TCB-06July.pdf

Three big three producers, Vale, Rio Tinto and BHP Billiton ended the 40-year-old benchmark system of annual contracts. The industry instead agreed to move to quarterly contracts linked to the nascent iron ore spot market. The new price system lifted the cost of iron ore to Asian steelmakers to about $110-$120 a tonne during the April-June period, up between 80 and 100 per cent from the $60 level at which the 2009-10 annual contracts were settled.

Most importantly, the iron deposits (three separate deposits) sit in a hill (easy extraction not even require for mining). A large number of parties showed their interest in buying the Magpie property very lately and POSCO could be fallen behind in the race (my speculation only). I noted before the selling price would be determined at Supply-Demand micro economic theory, not based upon single buyer's. This property will be sold based on Peter's scrutinous decretion on behalf of the shareholders.

In my judgement, the selling price would be in the range of $US250-$300 million, but no way I would contend with Peter's suggested minimum Magpie price.

Assuming it is to be sold at $250million, Fancamp takes the 48.7% ownership of Magpie Mines Inc., the cash value per share for a would be $2.50 plus after the latest PP.

I spoke to Deb and Peter on last Wednesday. PP was intended to be closed two weeks ago. Popes suggested to extend for another week beause of financial crisis in Greece and market plummeting in that week. Peter planned to close PP by the end of last week. Then it takes a couple of days to get the regulatory TSX approval. I expect there will be a news release soon. PP has to be closed within 45 days according to the TSX rules and regulations.

Many good news are around the corner. Please don't be confused with irrational trading (one day BMO Nesbitt dumped over 100K and Anon followed by Canaccord kept putting a lid). Anon already sold 1.2 million shares over a month and probably is running out of ammunition if not for naked short selling. Also note that there is a company that offers tax shelting for earlier PP participants in flow-through investments when the market suffers from turbulence and depressed levels.

Best of Luck!!