Thanks for your answer, JDF. And it's good to see that the discussions are refreshing a bit.

I agree that Cliffs would be interested in Spider's chromite assets (maybe also someday to NOT's). The consolidation process that has just started in the ROF is not cristal clear, and certainly uneasy to oversee. Drilling results are yet to come, and may again surprise everybody and attract newcomers...

But among the available facts we now have, we know that "The Major" we were expecting a few years ago is (surprisingly with a stand back) "Cliff Natural Resources Inc". Raise your hand who mentioned 'Cliffs' then in his list of possible coming giants???

We also know that NOT have lost the chromite battle, and NOT's focus would be elsewhere.

We know how Cliffs did manage its first ROF takeover: with the help of Funds and Institutions (commitment letters, ...), in connivance with the management, and in complete discount of the retail shareholders. As puny as it was...

So...

I would urge Mr Novak to spin ASAP its non-chromite assets in a Newco, in view of a potential Cliffs friendly or hostile bid. I know that I repeat myself, but if Mr Watson had done the spin-off of FWR's non-chromite assets long enough before the battle to come (ie maybe around Fall 08 or Winter 09) FWR ex-shareholders would now own the very same CLF shares, IMO, and would also hold a bonus stockholding in the Non-ROF Newco. It was envisioned to make the spin-off in the course of the takeover, but the idea was abandonned: too much fire around. (As an example, Virginia Mines did that before the exchange of shares to Goldcorp, and the Newco -VGQ - spin-off shares had now doubled in price since the takeover).

K: I also have a good chunk of Spider @ around .06. Today, I would be more than happy to leave with 12-15 cents for the chromite, and say, why not, a 1:20 shares of a Non-chromite Assets New-Spider. Lots of future ahead... The Non-Chromite New Spider would keep on drilling for Ni-Cu and iums (and the Motherlode) and maybe end the journey with NOT or not. Any ways would be all goods for us. Winning a war is all in preparation! Mr Novak? Are you there?

My Opinion, and just talking, guys.

GLTA.

BB.