Just a few observations (ramblings) on the speculation on the spq and kwg boards re: Cliffs

At the moment we own 19.9% of kwg?

I constantly read on the other boards that by exercising our option of first right on the PP at kwg to maintain our % ownership we have somehow taken control of kwg? If we go over 20% we must file with the sec? do we not?

Have we done that........no.......so our percentage hasn't increased merely been kept static. I do agree though that our first right does give us the oportunity to take possession at anytime, but even that isn't without fair compensation.

The other recurring comment that I find interesting is the impending buyout of spq by us and speculation that a 3rd party will jump in? Who would do that???? We own a minimum of 40% of the BD deposit (after our partners complete their buy in) through our FWR purchase. If we excercise our control option for kwg by declaring our intent to purchase more than 20% of kwg we control their portion of the BD resource, which is 30%.........that would give us 70% interest.

Why would a 3rd party major buy 30% of a deposit that can be controled by another major? Why would we need to buy spq at any time in the near future? no one else would buy it ,imo, to be a minor owner . I also don't buy into the fact that it will get more expensive, as the RR and mining are many years off. The move spq is making now by doing a RS will put some preasure on but only after the rs is complete and then only if larger investors start looking more seriously at spq.

Majors have really stopped duking it out over resources and in the global spirit have been more apt to work together in joint ventures to keep costs under control.

Imo, the only other suitor for spq is maybe Noront as they made out very well financially in the FWR deal. In any event they won't drive the price up much and it only advances timing.

curious as to other thoughts on the matter.

By the way, I own a fair number of cliffs and KWG and none in spq..........Carry