Hi rj. To be realistic, I don't believe that we could get more than 20 cents from Cliffs, our only possible purchaser at this time. This would amount to $ 150 000 000 +, more than was paid for SPQ (or for FWR, failing Noront counter-bid). I would be very pleased to be wrong though! (Easy for me to talk, my average cost base is a little more thant $0,02 - which give you a hint how long I am on this one!!!)

What could be added to the pot, however, is keeping our other assets (Black Horse JV, DDI shares) by rolling them over in a new-KWG which would trade on a new ticker symbol + maybe a NSR on BD. I think Cliffs would be happy with the CCC shares and the remaining portion of Big Daddy.

Cliffs seems still to be shaken from the unexpected easement decision, and are not looking ready to call Frank Smeenk and try a deal. Before going to the Commissioner, Cliffs tried to arrange something which were refused by KWG because it was probably much too low. Cliffs knows exactly where Frank Smeenk is willing to go, and they already told him "NO WAY!". Dust will settle and something will emerge certainly, and it must be in thenear-term. Cliffs may be bigheaded but they are not stupid (I guess).

I expect they file the appeal writ to protect their rights, and Mr Boor will call Frank soon. Unless Frank Smeenk has already concocted something special and unexpected, which would surprise nobody! More to come for sure!

GLTA.