Stock,

- Edge Effects (as mentioned by Hoov): The reason (the edge effect) for laying geophysical coils over FNC lands is kind of cute. Let's assume that it were true, but it would be interesting to find out how many paces (or steps?) that NOT had to actually walk over to FNC side to get rid of the edge effect? To be conservative I would make it at least 3 (or 4x, who would check it away) times the required paces.

- XRF: It would appear that everyone in the exploration business is carrying this hand-held little hingy in their field trips. A well-trained keen eye would be able to tell if the drill hit Ni when the core is pulled up. For low concetrattion the little thingy is not effective , but for % of stuff like Ni it should facilitate a good guess of what you hold in your hands.

- "FNC's McFaulds property is for sale. Does Baosteel or Cliffs want FNC, for Noront offtakes?"

Of course, NOT needs elbow room, just like when they swapped BC chromite for PRB lands around Eagle-1. Probably NOT and FNC already had a little handshake for that chunk for FNC, at least the C-1 area. C-6 seems to be promising as well. But, I am still curious about C-5 in the NE corner which I call the "golden triangle" (C-5 along with BC and BD). As I recall in some FNC discussions, somebody, most tlikely Smith, was saying that they did not hit anything significant despite the magnetic and gravity survey indication. Again, this is from memory, FNC did not go deep enough at C-5. It would appear that FNC was doing some condemnation drilling in preparation for somebody's access road (Hint: CLF BT/BD/? site to the staging area in the south...reference CLF site plan for BT). Presumable, FNC can grant road access on the surface, but mineral right underneath is still FNC.

Crystal ball says: off-takes for Baosteel, road access for CLF, and NOT gets elbow room. The stuff underneath could be in cash, or in NOT share, or in some kind of JV for FNC.

It all sounds logical.

goldhunter