I could be wrong here in my calculations, so please correct me if I'm wrong.

Right now, meaning todate.

.............

Freewest claims is 100% owned, less 9% or 10% Cliffs (to keep it even we will say 10%)

Freewest Joint Venture with SPQ/KWG is 50%

..............

Kwg owns 25% of J/V with Freewest (big Daddy)

Kwg owns 22.5% of J/V with Spq and Uc

.............

Spq owns 25% of J/V with Freewest (big Daddy)

Spq owns 22.5% of J/V with Kwg and UC

............

Cliff owns 20% of Kwg

Cliff owns 10% of Freewest

...........

Now, does it not make sense for Cliffs to make a bid for Freewest.

If they were successful.

This is what they would end up with.

Freewest 100%

Kwg 45%

Spq 25%

UC 45%

They would have the three main Chrome Deposits, Black Thor, Black Label and the Big Daddy, plus more to boot.

This is only on the ROF assets.

Have a great nite......RL