Previous estimate was inferred resource of 520 MT according to Fnc site

FNC.V owns 43 million shares (representing 59.4%) of Lamelee Iron Ore Ltd. + Royalty(LIR.V -- trading at ~$0.14/share as of Feb 14, 2014] (formerly Gimus Resources, the subject of recent a reverse takeover performed by FNC.V). LIR.V is advancing the Lamelee South Iron Property in Quebec. In Q2-2013 FNC.V released an initial resource estimate on Lamelee South revealing Inferred Resources of 520Mt @ 39.5% Fe2O3 (27.6% FeT). The Lamelee South deposit is interesting from an economic point of view as it has a lot of iron formation squeezed into a relatively small area, a study indicates 100% of the Inferred Resources are in the pit shell (the area where the mining is expected to take place) (Note: DDH LS-12-23 yielded 333 m @ 41.7% Fe2O3 (29.1% FeT)). The team tasked with advancing Lamelee are the same individuals that started up the Consolidated Thompson's iron ore operation at Bloom Lake, they advance that project to buy-out, and in the process they brought the stock of Consolidated Thompson up to where they sold it for $17 per share in 2011. The plan is to replicate that success at Lamelee Iron Ore Ltd. The immediate plan for Lamelee is to delineate the deposit further, conduct metallurgy, and conduct a PEA, which should lead toward Feasibility in 2014, with a target of production in 36-48 months. FNC.V has retained a royalty of 1.5% of the net sales price of minerals extracted from the Lamelee Iron Property.