Hi there-

I liked most of your points Teleprobe, thanks for sharing. My only thought for you and the board is why are we not looking to create wealth with the existing resource? We have a billion tonnes, more than plenty. Yet, Smith states:

"A third drill program is planned, following the Initial Public Offering (“IPO”) to bring the Magpie #1 and #3 Occurrences to current NI 43-101 Mineral Resources standards. In addition, the NI 43-101 Mineral Resources estimates of the Magpie #2 Occurrence, will be upgraded to a higher quality Mineral Resources classification, together with further testing for depth extensionswhich are currently open."

I don't believe bigger is better at all. I feel this is a short-sighted strategy when the focus should be tranistioning to PEA and fesability studies. Not to mention addressing the metallurgy issues. I have no problem with the latter part of the above statement, a necessary step increase the quality of the resource. But deposit #1 and #3 and testing for depth on #2 are not priorities right now!! Look no further than Alderon that secured a deal based on a PEA and subsequent results outling a 600 million tonne resourse. They got it. It is a race to prove up the best deposit and advance that deposit in a timely fashion. We have a hare at the helm and someone who doesn't get the essence of moving a project along. It was the same approach with the chromium drilling that took place wayyy after the fact, which Smith initially dismissed FWR and NOT going after it. How has that strategy worked out for us?? It was a waste.

Furthermore, there are many many iron ore companies popping up all over the Trough region. We had the Champion stakes well before other companies moved in or arranged the JV yet Smith did not have the market sense to anticapate being ahead of the cycle. He's just tooo slow and it's cost us in lossed opportunities that we will never know.

I don't expect him to be all knowing, but the accumulation of missed opportunities, missed deadlines and targets, and ultimatly a poor strategy as outlined with Magpie are the reasons why he has not enhanced our value, period. And why he should acknowledge he's a great geologist, but not fit to be a CEO. The facts speak for themselves and this is not something isolated to the recent meltdown in junior sector.

Finally, Lethalgal, you bet this is a great buying opportunitiy. Soon the ball will be passed to the buyer's side before it's passed back to the shorters. Just look at RGX how they played that game. It's unbelievable how easily these stocks can be played.

Thanks for reading. Hope to be posting some positive news and excitement for a change. I have a wedding coming up and a condo to buy in TO this summer.... c'mon FNC! Lots at stake :) And i'd love nothing more than to take Peter out and pledge my regrets for taking him to the cleaners here all the time! Hope he proves me wrong, but i'm not deluded and i have not seen a single change in his approach other than recycle CHM's NR's (which is great). But are we surprised the website is already long out of date??

Goodnight,
Eudai