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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Message: ?? Why Cliffs was not halted...

I am just guessig re disclosure:

"future annual revenues from the chrome might account for ~40% of their total annual
revenues. Is this not material news??"
Not material enough and FUTURE (not now) because the ruling does not eliminate the
possibility of that revenue.
They could simply Buy KWG.

Nor does this one apply for same reason.
j) Entering into or loss of significant contracts.

n) Significant litigation.
Not significan with hind sight, because the access to and from the Ring is not eliminated
by this decision. Perhaps Cliffs will have to approach KWG with hat in hand and ask 'Would you Please let us build a rail line on your claims for some renumeration.'

l) Changes in capital investment plans or corporate objectives.
The ruling does influence, not so much the corporate objectives, but how to achieve them.

NOTE: This is not what is troubling Cliffs. Hence no halt.
Their trouble is with the Ontario government regarding electrical power costs. Until that
issue is settled Cliffs says 'we wait'.

With that wait KWG can and does make suggestions about how to live without Cliffs, i.e.
common access to chromite with Noront.

Joining of KWG & Noront is not out of the picture but it would probably trigger a response fron Cliffs as the offer for FWR by Noront was.

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