The  company  has  140 million shares.... there are  about  7 million  options @ $1.00... so these are  out of the  money  by a  longshot.

Cash on  hand, restricted cash  and   in progress cash total net   some  44 million... 

This  equals about  $.30/share  sitting in  cash!

The  last  placement  was @ $1.15 and  had no  wts...... they  could  buy  those  shares  back today @ .45 or  almost  on a  one  for 3  basis.... that  would be a  prudent  use  of  some of the  cash on  hand.

Now  if the  market  does not  turn arond  there  will be no  need to  build another  mine or  do infrastructure  changes to  the  present  operation.... Thus  the  short  term   compliments the  long  term,  because  if the  market  turns and  more   Ni  is  needed  because the   world  economy  is  robust.... FNI   could  do a  financing,  or  take a  credit  line   to   ease into  expansion..... 

If  market  forces are robust, the  stock  price  will rebound to   much  higher  levels    and   dillution will have  been  reduced...

I  would  say  buying  back  14 million  shares  right  now is  prudent  use  of  cash  at this  point in time..... cost  would  be  about  $6.5  million at todays  prices.

They  should  at  least  have  a normal  coarse  issurer  did in  place.

Accounts receivable 1,639,042 1,049,526Inventory

Ore in process 8,760,860 6,061,364

Prepaid expenses and other assets 1,342,384 1,167,092