What's unforgivable is that with his experience, Smith should have financed at 2-3$. What's worse is the reason he had for not financing. That he hoped the SP would go up more is understandable, we all thought it would. That he hoped it would increase due to poking a few holes in the ground with an unrealistic drill plan, is completely not excusable. For an unexperienced investor, who hopes for blue sky, one could justify the ignorance. But for an experienced ore explorer, he should have known better. He truly believed he'd find the ore in less then 10 holes. Even with absolute certainty of ore presence from a previously successful hole, it could still take 10 more holes to find more of it.

He has admitted his mistake in not taking financing. However in his last choices of drilling, has he learned his lesson on a realistic drill plan? Perhaps. He spend how many millions chasing shallow anomalies? Again, going shallow was his mistake. If the captain of a fishing boat doesn't come back with the fish, do you blame the weather? Either way the fishermen go unpaid. If that lack of success became a pattern, will that captain continue to be favored or will the men chose a new captain?

Has Smith created a pattern yet? Is this a pattern you want to invest in? Smith's attitude, from what I can tell, is that of lack of concern for shareholder impatience for profit. Have you ever spoken to him or has he released news that ever showed intent of shareholder profit, via dividends or and share-swapping? Usually his response, "It's a possibility." Would you sail with a fishing captain who preferred to reinvest profits in a new boat rather then distribute it with the men?

How do other mini-microcap CEO's respond? Usually the response is, "it's unusual for micro-caps to give dividends." My response to Smith is, "You've already broken the micro-cap mold by buying a huge number of potentially profitable properties, so sell some for your shareholders, not just to buy even more properties. Break the mold, distribute dividends, gain new investors, raise the SP, and garner new financing from your reputation of distributing dividends. With this new financing continue buying new properties, develop a few to maximize profit, and sell some for more dividends, and make a positive name for yourself." My point is, Fancamp is going to make millions with one of its properties sometime soon, I just want to make sure it's distributed first to us, then to his buying more properties. Isn't that what being a CEO is all about?

At this point we could go on smashing Smith to a pulp with his faults. But I'd rather give him props for his talents and compensate for his budget-minded exploratory process for a director who will do these things.

1) Prioritize shareholder profit.

2) forward minded planner to maximize profits for shareholders

3) intolerant of inaction

4) has the backing of enough shares to enforce the above three.

There seems to be only one group who could rally enough shareholders to support a nominee with only a few phone calls, and that is Mineralfields who represents investors of appr. 25% of Fancamp outstanding shares. So though Dwek doesn't control 25%, he can contact those who do. But Dwek is a friendly to Peter Smith. Dwek believes in Fancamp's process and supports Peter's exploratory methods, and I believe has the patience for Peter's method of profit making. If he did object to Peter's methods, who would he nominate as a new director? Friedland?

So without Dwek Support, retail would have to rally and nominate someone. I'm not sure that could happen by AGM time and I'm not sure retail would represent more then Dwek plus current directors shares. So, our only option is to wait for McFaulds drilling. Three strikes and your out...? I don't think that's realistic. Let's hope for a home run via gold or nickel.

Smith is proud of his 17% of Champion. One has to question, how is it that Champion acquired financing? Was FNC unable? Why? Again, that's more of Smith's budget minded decision making. He is a CEO who does not take pride in successfully doing what the Champion CEO is doing. He is a CEO who is proud of owning 17 percent of the work another CEO is doing. That is why Fancamp remains a budget company, despite it's terrific properties which Smith takes pride in obtaining with little financing.

Due to our budget conscious drill program, I'd like to see Harvey on location with drills to make sure every meter counts. Had Harvey already been a director, would he have been able to change Smith's choice in wasting millions to drill shallow?

Does anyone want to place bets if we will get drills going before end of October, as Smith promised?

-sg