Well I went back to basics this weekend and reread part of "The Big Score". Part of my reason for this was to relook at grades and length of hits, difficulty in hitting after ovoid discovery, compare our latest assays under Eagle 1 (which some have decribed as average) to their hits and to reassess and challenge why I am invested here. So here we go:

Voisy’s Bay, memorable dates:

Sept 9th 1993, Verbiski and Chislett spot the gossan outcrop for the first time.

February 16th 1994, Archean Resources acquire 288 claims for $15 575 to cover the land around the Gossan outcrop.

October 21st, drilling has started on hole #2, what turned out to be the discovery hole

November 3rd 1994: Diamonds Fields spends $198k to acquire 3601 mining claims around Drill hole #2. They did this before hole #7 was drilled and before hole #2 assays were in.

November 17th 1994: Hole #2 returns assays of 2.23% nickel, 1.47% copper and .123% cobalt over 33m.- Stock goes from $4.65 to $8.00.

So when you compare this to our latest assays under Eagle 1: 4.21%nickel, 2.14%copper along with some platinum and palladium over 28.8M. This hole is a fantastic hole IMO as it confirms that the high grade of Eagle 1 continues much deeper than originally thought, some 70m deeper, this will increase the value of Eagle substantially. Now the ovoid came in at some 33 million tons where Eagle 1 was only 2.9M tons on the 43-101 and this new hit may at 30-50% so now we may be looking at 4M tons-still a very far cry from Voisy Bay's ovoid but our grades are higher and we are still open at depth and along strike. However, with the depth increasing, so is the precision of our drills. This is where the new 3D modelling system may be our greatest new weapon in the search of the mother load.

January 17 1995: Hole #7 is drilled yielding 104m of massive sulfides yielding almost 4% nickel.

If hole #2 had yielded pentlandite crystals the size of finger nails with 2.23% nickel, hold #7 was giving ping pong ball size crystals with the almost 4% nickel. What did out 7% nickel crystals look like? Granny Smith apples?

August 3rd 1995hole 166 gets 1M of massive sulfides after months of nothing outside ovoid

In Sept 1995, Inco activated Project Greeen 2 and were looking at plans to buy Voisy Bay completly.

By November 1995, 11 drill rigs were pounding the the Labrador Tundra and on hole #202, they finally hit 40M of massive sulfides. Hole 166 had been the whispy end of the giant nickel beast buried to the east. Nickel grades for hole 202 turned out to be 3.36 % nickel. So it took over a year with up to 11 drill rigs and over 200 holes to find a second source of nickel.

Keep thinking of that when the NR says that 10 holes were less than significant. I agree that when you have 1 hole that gives 28.8m of 4.21 nickel, most other holes would be less significant and so, at this point, we really do not know what these other holes contain. Most importantly, these deeper holes are imprecise at best and the fact that they missed the main ore body (possibly) does not mean that this ore body is small.

December 12th 1995, final poker game starts- Negotiations to sell Voisy Bay to Inco.

December 11th 1995: Friedland responds to the rumored sell: “Anybody who gave you that information is essentially an uninformed idiot”

So in these high stakes poker games, remember that the media is used to deceive and so do not believe everything you read. The fact that the last 2 NR had very deceptive titles is again manipulation of the market using the media. To what ends? Only our BoD know and hopefully their game plan is a good one and will yield great results down the road. The main thing is they do have a game plan and although it is a very different approach than RN's, we should not discount the fact that these guys do have significant experience and occasions like these to make very serious money do not come around that often. They will want to get a very large ROI.

Purchased price agreed to of 4.3B dollars had Voisy Bay estimates at 87.8M tons while Inco’s estimate was 131.7 Million tons. Inco’s public estimate was for 70M tons, they kept the 131.7M tons estimate secret.

When the deal was struck to sell Voisy’s Bay to Falconbridge, Inco’s immediate thoughts were: “The worst part was that he had given it to it’s biggest competitor, who could do the most damage to Inco with the Labrador ore.

I think this line of thinking by INCO is what was one of the biggest motivators to go back and pay more for Voisy Bay. Hopefully our BoD has learned this lesson!

I did not talk about Chromium since it was not part of the Voisy Bay story but the more I read all the reports, the more I believe in the Chromium and that McFauld's will become a one stop shop for ferrochrome alloys manufacturing.

So I am still holding long and strong-and keep accumulating.

Glorieux