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: Cliffs Natural Resources rebuffed
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Cliff's owns about 16.3% of KWG. If they wish to acquire KWG, they would need to convey that request to KWG, so that KWG could provide a new independent valuation (as required under Multilateral Instrument 61-101) in connection with the potential take-over bid by Cliffs (that would constitute an "insider bid"). The new valuation is required in order for Cliffs to be permitted to commence any bid for KWG.

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