Happy, the stats are as follows

- FNC: 91M OS, Cap $27M (17.5% CHM plus $8.4M cash + 9M RGX shares, valued at $7-8M, + McFaulds property including CLF surface transportation access + Magpie + Bauce, DEsolation + odds-and-ends)

- CHM: 105M OS, Cap $145M

5 to 1 share swap would give FNC 17.5% CHM (0.175 x 105 M = 18.4 M shares of CHM which is equivalent to $1.38/s x 18.4 M = $25 M.

So, if we are talking about swapping FNC 17.5% working interest for CHM shares then FNC would get for 18 M shares of CHM now and don't have to worry about our share of the cost (17.5%) to build the mine. Assuming that all the 18 M shares would be distributed to FNC shareholders, we would essentially ride along with CHM for the first part of the long equation above.

In a sense, if we do a swap the we would have something in our hands (just like a a spin-off...or chopping up a Miata convertible and sell a removable hardtop for some cash now, then next the doors?, may be one door at a time to fetch more $$$).

For a share swap as descibed in above I would venture that out SP could jump by a factor of 2, i.e. to around $0.60/s. But, don't hold me to this wild guess.

Also, my tea-left reading seems to indicate that FNC would advance in a staircase fashion. It would stop and have a (short or long) rest at this level ($0.60) and would jump again to the next plateau (Magpie spin-off?), and then 9M RGX off escrow (2013?), etc...

There is only one way to go for this dirt-cheap company...UP!

But, do your own tea-leaf reading before making any plunging in the fast moving water.

goldhunter