17.5% ownership in CHM JV worth $36M or $0.1762/FNC shares

Highly prospective exploration company

Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.

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17.5% ownership in CHM JV worth $36M or $0.1762/FNC shares

posted on Feb 02, 2012 06:57PM

Assuming the $169M market cap/trading value of CHM is only reflecting its 82.5% ownership in the CHM-FNC joint venture then FNC's 17.5% ownership is worth $36.02M or $0.1762/sh (204.4M shares).

For every penny CHM goes up we should go up approximately 0.086 pennies or put another way when CHM goes up 12 pennies we should go up 1.

In addition there are holding in Argex, existing cash (July 2011), PP cash, possibly a 1.5% NSR on the JV properties (hasn't been in the last couple of NRs) and some properties that might have some value such as McFaulds and Magpie.

Time to get in gear and unlock some value in this company.

.... Been There

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