HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Let's just say that Cliffs make an offer. Assuming it's not a JV deal it will either be cash or shares of Cliff - most likely the latter. So would FWR shareholders prefer shares of Cliff to shares of NOT? What participation (minimal) would there be in the ROF in future - how stodgy would Cliff shares prove to be? There's a lot for FWR shareholders to consider - the game's not over

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