And guess what, someone else probably sold 'em..

Perhaps mineralfields is helped out here. Things are getting ready to rumble!

There is probably only one thing worse than not at some point seeing some reflection of underlying value in FNC's SP.. that would be to have sold out in frustration to only see that value reflection happening (shortly) after.. :)

"Looking at the FNC website info the past assays show around .18% vanadium. Is this significant and valuable along with the massive 42% iron and 11% titanium which hardly gets a mention except from a few posters here."

So (just to illustrate) in terms of relative Magpie in-situ valuation calculated from the latest commodity pricing from Argex's presentation:

Total value: 100%
Fe - 12.5% (iron)
Ti - 82.5% (titanium oxides)
V - 5% (vanadium oxides)

This is probably the reasons why Argex' PEA for now only seems to focus on Ti (but the Fe and V credits are there).

It's more like US$ 13,780 / tonne.

See Argex presentation p. 3: http://argex.ca/documents/ArgexPresentation_8Nov2011.pdf

You can also see immediately that Magpie completely dwarfs Lac La Blache. 44m tonnes for Argex vs 1bn tonnes for Magpie. We're setting up for a very interesting 2012.

"... or transferred from one fund to another of the same institution?"

No, they already did that a few weeks earlier. They don't have to trade in the market to do so. MF (mineralfields aka consolidated) now holds 2m shares less.

goldhunter, regarding your overall picture, may I refer to my posting from a month ago, with the useful follow-up comments from waxweazle: http://agoracom.com/ir/Fancamp/forums/discussion/topics/507892-fancamp-what-s-it-worth-and-how-to-get-there/messages/1614568#message