Ann: Rox Acquires Collurabbie Nickel-Gold Project,FCN-RXL.AX, page-9

An old post of mine from Feb 2010 regarding Collurabbie..I was a holder/trader in FCN and did OK before it stopped work on Collurabbie. Simon Mottram is now kicking goals with AVB and might well not be so sure about what he said...but it has stayed in my mind so RXL is now certainly on my radar. Good Luck to you all.

"A few years ago Simon Mottram let slip in an interview that if BHP left (which they have) then what FCN knew was in the ground at Collurabbie would be a company maker for them!! Now we will see! I continue to hold a core parcel but am also a guilty trader of them."


Barry Fitzgerald in The Age today
February 15, 2010
BACK on December 19 Garimpeiro suggested it might be worth watching Falcon Minerals' (ASX: FCN) 2010 exploration program at its now wholly owned Collurabbie nickel/copper/platinum project, 200 kilometres north of Laverton in Western Australia's North-Eastern Goldfields region.

Falcon was 22 a share at the time and has since managed to get to all of 23 a share. So Garimpeiro had no effect. But maybe a research note on Falcon sent out last week by Bell Potter will.

Noting that drilling at Collurabbie is due to restart in April, the broker has slapped a speculative ''buy'' recommendation on the stock, with a target price of 75 a share, would you believe.

Collurabbie was originally a 2003-2004 discovery by WMC in a 70/30 per cent joint venture with Falcon. Chasing down the big time potential of Collurabbie's magic mix of metals became BHP Billiton's responsibility on its takeover of WMC in 2005. Late last year BHP moved on, giving Falcon the lot but retaining exclusive rights to buy any nickel produced from the ground, and a second right to match any third-party offers for ore or concentrates.

The Olympia deposit within the Collurabbie project area accounts for most of the 75 a share valuation by Bell Potter. The broker reckons there could be 18,000 tonnes of nickel, 14,000 tonnes of copper and 110,000 ounces of platinum group metals (PGMs) at Olympia. While warning it could be wrong, Bell Potter said it rates Collurabbie as an exciting new base metals discovery, with added value from its PGMs content.

Then there is the ''significant'' exploration upside. Kerry Harmanis' nickel group, Jubilee Mines, must have once thought that was the case. It paid the equivalent of $1.15 in cash and shares in early 2005 to get hold of a 14 per cent Falcon stake. Through an options underwriting deal later that year, the stake was increased to 16.2 per cent.

That stake is now held by Xstrata following its $3 billion takeover of Jubilee in 2007. Given Xstrata paid $2 billion too much for Jubilee, it will be as keen as anyone to see Jubilee's investment in Falcon come good. nickel/copper/platinum project, 200 kilometres north of Laverton in Western Australia's North-Eastern Goldfields region.'