Dirban1,

It's a good catch. It's interesting to listen to the world view from a highly qualified person who has been exposed to quite a few things.

A quick check on FER revealed that this company is controlled by one of our offshore customers. The company control 51% here and there with sizable deposits, mainly in the inferred category. But, no matter. Wuhan has 30% and MinMetals has 5% of FER. Thanks to this kind of connection they already has 70% of its production pre-sold. Of course they don't have to worry about mine and mill financing.

Interestingly, CHM has some connection with FER which has 51% of CHM Attikamagen (28-30% Fe grade). Perhaps, FNC can ride along with CHM, FER and Wuhan...to arrange some agreement (financing, off-takes?) for Magpie?

Just wondering who's really behind the testing of that 1.5 tonnes of bulk sample that was sent to Chengdu City for the R&D outfit SNFT to test for suitability (22 Aug NR)..

If Dr. Smith has not done so, it may be a good idea to invite Mr. Strong over for tea. He could perhaps open a few doors for FNC. Note Magpie has much better Fe grade (42%) along with a 11% TiO2.

goldhunter