Hey gobbly,

I was thinking along the same line, but with a little twist. It's fine for KWG to do a JV with BOL for Black Horse at the SW corner of FNC property (C-1) where FNC has hit something (some indication of Ni and high grade of Chromite at depth). According to FNC game plan (see Agoracom/KWG scroll down a bit to see "Recent Updates/Photo/Mining Facility Plan) KWG has set eye on FNC all along. They are using FNC claims to build all kind of stuff, RR infrastrutures, etc... and PRB claims for dumping waste rock, etc. (and CLF too has some big plan using PRB and FNC for their access roads, etc...I would say, KWG put in a takeover offer of FNC at some premium, (share swaps?) since quite a few of FNC shareholders are really fed up with the current management. They would take KWG shares (to have a toe hold on the RoF play) rather than cash. This way, KWG can get FNC on the cheap, but still can keep the "new FNC shareholders" happy with Frank at the wheel.

They still can do a JV with BOL (Sir Richard is a good guy along with Harvey), but they will need to do more drilling for a resource estimate for Black Horse. On the other hand, PRB has estimated the BC deposit of DSO chromite, and they don't need any more drilling. Has anyone seen all the drill results for FNC C-1 to C-6 areas. As I recall, FNC said they hit nothing at C-5 (up in the NE corner near BD), but they don't seem to publish all results on their website (poor IR practice).

NOT Blackbird deposits (have they got the resource estimates for those?) are also good to throw in the mix to form a good size chromite mine. There is one concern about the synergy between Sir Richard and the current NOT management (previous unpleasant encounter, but people forgive and make up, for money?). This is where Frank perhaps can come in to smooth things out.

If all this is done, CLF may have to come around with hat in hands asking KWG to develop BD with them so that they can ship their 70% of BD (DSO grade, hence no need for the $800M? Black Thor on-site upgrader ) the RR well. Just one look at the KWG map for BD, CLF can clearly see that it is "land-locked" and has no way to get in and out. Time for CLF to negotiate. I believe Frank has not played all his cards. The BOL JV is just the first card in the series.

Happy New Year - Year of the (Precious) Snake!

goldhunter