Crazytrade.... I agree. I'm sure there's some math formula that could be used to value our Big Daddy percentage and come up with a $ value vs. FWR offer of $1.00 by Cliffs, but that's way beyond my math skills and you would have to know the tonnages of all the deposits (which I don't) You can also look at it this way. Cliff states their new offer represents a 217% premium over the price of FWR before the original NOT bid. If they were to offer us the same premium, that would give KWG a price of $.22 cents ( .07 + .15 )

I don't know if this is a valid way to value us, but it's a start.

SRV