Below is my latest post on SH which contains some info on the JV on 1 April 2012, and the cash call which you may find useful in our discussions.

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Folks,

Below are replies from Bruce on the topic of removal of slide 21 from the Corporate Presentation. It looks crystal clear to me. Now, we can put this issue to rest. Note Bruce's comment on an updated Corp Presentation and the "cash call" required once the JV partnership is formed.

Thanks Bruce for your quick responses.

goldhunter

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1. First reply from KWG's Bruce:

Our relationship with Cliffs has not changed. They own 17% of our stock and are our partners on the Big Daddy. On April 1, 2012, we form a joint venture with KWG owning 30% of the deposit.

2. Follow-up e-mail:

Sure, you can post my response. I didn’t mean to cause a stir by removing the slide, I just thought it was causing some confusion and thought it best removed. We are in the process of updating the Powerpoint presentation. The PDAC is around the corner as well.

As for the JV and cash calls, once the JV is formed and we own 30%, we would only be responsible for 30% of expenditures (as opposed to 50% during the option period). We would be happy to contribute our share to get the Big Daddy into production.

Again, sorry for any confusion. All the best,

Bruce.

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