Massive Black Horse Chromite Discovery

Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%

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Message: Value of KWG

Here`s a reponse from KWG I received this morning regarding some questions I asked. None the wiser for it.

Thanks for your e-mail today.

Q - Can you tell me if KWG plans to continue with the Cormark valuation, even though Cliffs doesn't want the world to know what that value is?
A - That matter is in the hands of the KWG Special Committee, I assume their analyzing it closely.

Q - I'm also wondering what the feeling is around the office in regards to Cliffs latest offer for Spider.
A - The 16.5 cent offer to Spider speaks for itself and I would assume its somewhat dissapointing news for the shareholders of Spider.

Q - Do you think Neil will recommend it, or is the amalgamation still a viable option.
A - The amalgamation is the only realistic way for the shareholders of both companies to maximize the value of their holdings.

Thats it for the moment.

Best regards,
Chris Meraw
Corporate Communications
KWG Resources
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