an open letter to those that bought today, page-10

Hi ultimategold and hopeful2,

I sincerely hope you are right, and your investment pays off.

As Super Tim mentioned, I don't want to see anyone lose money, but all that you have both said just doesn't add up to anything tangible.

Yes, they have tenement extended until 2018, but all they have done is poke around the ground for a few years. It's widely acknowledged that the SHIP has a metric crap-load of iron there - no question - but where is the updated JORC ? SHIP had a JORC done a long time ago in 2008, but the wording in the 2013 annual report said this needs to be updated/extended to include the SHIP north and other areas...has anyone heard any progress on this ? no ?

For years they have done mapping rock chips, scraping and detecting - with some drilling - but to this day nothing tangible has popped up. Only SHIP remains, which they have sat on (literally) for 5 years, and in the meantime two things have happened - debt has increased and the SP has dropped.

And then - lastly - there is the breaking of the Alliance deal, which was supposed to be "iron clad" and would ensure that SHIP moved forward and FAS was to be clear of debt. Will Alliance sue (according to the WA news) or are there more facts here at play ? Time will tell...

Now that deal has gone sour, another CSR deal has taken its place - and in the meantime FAS is drowning in debt, sub 1c SP and over 1b shares issued...not to mention they still need to find $20m deposit through some boutique agency to activate this current deal !

Anyone who quotes FAS has "signed deals" needs to only look at the last signed deal that was Alliance - who is to say the rail deal, and this current CSR deal, don't get cancelled in the same way ?

IMO, once the company reaches a point whereby they cannot afford their current finances and debt repayments - and that day is approaching rapidly - then there will be a free-for-all regarding SHIP, which no doubt is a money-spinner. FAS must strike a deal with someone - anyone - soon, otherwise they will drown in their own 3B's and high interest debt.

However, for now, everyone waits - safe in the knowledge that another 3B will be around the corner, with no cornerstone investor or Director's showing confidence such as buying on market or - heaven forbid - taking a pay cut (or shares in lieu of payment).

I wish you all well.