Hello AGO and SH folks,

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1. 1. Latest share count: For your info we are almost at 8% from 81 shareholders (out of some 6000) as of 16 November 2011. Our aim is to get to 10% level all by ourselves.

2. 2. Warrants and Options: The information used in the share count discussions is as follows

a. Shares held by management/insiders: 17.2 M (2% of the FD value of 853M)

b. Options (assumed all held by insiders) 37.27M (4.4%)

c. Wts held by insiders: 17.2M (2.1%)

The total of 2a/b/c = 8.4% which has been used to combine with our 8% to make 16.4% (compared to CLF at 17.4 -19.9%).

3. 3. Just discovered that the numbers listed on KWG website (front page, top right corner) are different from our assumed values, as follows.

a. Share held by management : not listed, but let’s assume the same number (2%).

b. Options: 61.5M (7.2%)

c. Warrants: 169 M (19.8%)

As shown, 3b and 3c are significantly different from 2b and 2c. For discussion purposes, we can probably assume that the options held by insiders have increased from 4.4 to 7.2%.

The warrants, however, are more complex to break down. One assumption, again for discussion purposes, is to peg the wts held by insiders at 2.1% (most likely to be a bit higher) and the rest (19.8-2.1 = 17.7%) is “floating”.

The $64k question: Who have the control of this significant floating wt block?

In our share count, a block of 4M wts has been declared by Blainessss (#75 on list). Perhaps, everyone should declare the warrants as well, if you have some stashed away, just to have some estimate of the contribution from wts held by us small investors, since this could become significant.

The above is just my take of the situation. Feel free to jump in to provide additional clarity and to suggest possible ways to handle this.

goldhunter