Like most stocks FCN is now trading at historically low prices...

Like most stocks FCN is now trading at historically low prices and, for believers, must represent a buying opportunity. The last time I saw these prices the stock was called Yardarino.

While there are most likely better buys in this market, FCN is not without its attractions. A strong rally from these prices will give the holders better leverage than say a more highly priced stock.

But is it likely to rally other than as part of the general market upturn that we are possibly going to see now? I think so, although that may not be in the next few weeks.

FCN has money in the bank ($3m +)which gives it a some scope if properly shepherded. Rather than burning that, FCN has adopted a policy of seeking out prospective ground and then farming in a major. It has done this with Collurabbie (although not so well there) and Saxby and will no doubt continue that practice if other ground is available. I trust they are looking. This is a sensible approach for a junior. Remember that 30% of something worthwhile is infinitely better than 100% of nothing.

In relation to Saxby, the drilling program there must be finished now and so we can look forward to some results in a month or so. That ground is highly prospective. FCN's and earlier drillings there were nowhere deep enough and Anglo's drilling is likely to give us the first true picture of the potential. Whether or not Anglo strikes "gold" on its first attempt, you can be sure it will be back in 2009. There are real longer term prospects with this one.

Collurabbie showed early promise although for the speculators there has been precious little activity of merit over the last year or two. I believe BHPB remains committed to this project as they have shown no signs of relinquishing it to FCN which was an earlier suggestion. The grapevine suggests BHPB does realise it needs to adopt a different approach to the project and I strongly suspect we will see that in the new year and so shareholders can look forward to some action in 2009. (FCN will need to contribute to the costs of future activities on that project, by the way.)

While FCN is not the major player in either of these projects and so relies on its senior partners, both are major players in the mining industry and if there is something there, they are most likely going to find it.

In summary, FCN does have prospects and will most likely reward the true believers.