its newcrest, page-14

Newcrest may earn a 60% interest in Andewa by spending A$15.25 million over 4 years commencing 1 January 2012

So do you think Andewa is worth circa 21m?

2. Upon the grant of an exploration licence by the PNG Government, Newcrest may elect to earn a 60%
interest in Schrader by spending a further A$4 million, taking the total farm-in expenditure to A$19.25
million,


values Schrader in essense at 6m "as is"?



3. Newcrest will have an option to acquire an additional 12% in the Project by making a payment to Frontier
determined as 12% of the ore reserve gold ounces (at US$46 per ounce) specified in any subsequent
feasibility study to develop Andewa and/or Schrader.


$46 an ounce ...wow.

The moral of the story is the big boys set the terms, the little fellas either accept or battle on their own.

In reality, does FNT have a choice, probably not in this hard to raise type environment.

On the surface seems a very good deal for one party, with little hurt money, but it will get FNT moving forward which I guess cant be overlooked.

Hmmmm....not sure about this one, any further thoughts?

not a holder... just an observer at this point.