While we wait for Hoov, we can begin our own homework. This is my initial reaction to the NR. Next is to sit down and analyze this and call Mr. Smith for interpretation. Bounce it with some local geo's and post it.

Where small retailers will have impatience for this is not a "barn-burner", the more realistic folks with the cash who can hold out for prospective "barn-burner" in a couple of months have something to sink their canines into. I suspect some Retailers will want out, but I also suspect the big money may want in. He's given a lot of solid meat to chew on. Now we've got real indicators of ore body below us. So there could be a slow SP build to .80c.

And of course now we've joined the chromite groupies which may have been the catalyst for Probe's recent double. When I pressed Smith if Cliffs is interested in our chromite he said, "I won’t comment on that. Let me just say, the cooperating we’ve had from Freewest has been remarkable." Of course he and Mac are friends, yet you know, especially with Probe's recent activity, there are back deals right now, and we retailers are as usual clueless to the inside stuff. So we've got to look at the facts available.

And finally here are some. We've been pining forever for Peter to give us detailed geological descriptors, so the big money can have something solid to base the investment on. Now Bay Street Connect has something to connect with. There are finally solid facts to decide how to prioritize Fancamp in a portfolio. Not only did he give us many exciting details about what we've found so far, he's also given us clues to what we'll find in Sept or Oct. As Smith said, this is the important necessary step in the process of discovering the story of our property. He and others said Harvey is very excited about what was in this NR. I did not talk to Harvey. However, it seems Peter did not do Harvey's enthusiasm justice in the NR. He went to Beauce. Wonder why? mmm.

The last Harry Potter movie made a lot of money even though it was a set-up for the last movie. This NR is a set-up for the next drills in September or October. We've got to do our jobs now and discern it.

In a recent conversation about Magpie, Smith said "hold on" and "wait for the next NR." I was surprised it wasn't on this NR. Seeing as how most knew the news about McFaulds was an intermediate set-up step, the SP rise may have been Bay Street Connect getting investors interested in FNC's properties -not just McFaulds. So expect another NR shortly about the other properties -like Magpie's recent developments! A few months ago, several of us estimated Magpie firesale at $5.00/share. When I mentioned this to Mr Smith recently, he laughed and said, "Easily!"

Again, we finally have real substance to discuss and analyze in the upcoming days. Harvey fully expects a substantial ore body once we get a hold of the deep drills. Noront is doing us the favor of training the crews and working out the kinks of the deep drills. However, I noticed in Noront's release today the message is clear: Fancamp, your turn to do the work of proving up C-1 so we can know what deep at AT-1.

While we exercise patience, we can gnaw on this:

"Downhole geophysics was carried out in this hole but to a depth of only 669 metres, due to a blockage. A number of weak offhole conductors were noted at shallower depths but the most interesting result is a subtle build up toward the hole bottom suggesting a conductor at depth to the south. This is potentially very significant and hole deepening and additional downhole surveys are certainly warranted.

Management has concluded, based on the results seen in the hole FN-10-19 (a westward shift in the eastern peridotite/granodiorite contact) that the northern portion of the C-1 target is displaced in a left lateral sense along probable NW/SE fault structures. Indeed, ground magnetics in the area suggest that the isolated Eagle 1 structure itself could be a left lateral offset of the C-1 target, a displacement of about 350 metres. This model is potentially a useful exploration tool because it implies a very much closer connection between Eagle 1 and C-1. Eagle I lies in the lower portion of an intrusive ultrabasic conduit (its present western side) and the same geometry could apply to C-1. "

-sg