While we are waiting for Ni 43-101 that will probably come at the beginning of next week, there are some great post from SH board to read:

Just thought I would jump in with an "obvious" observation.

This board has posted both positive or negative speculations on KWG and SPQ (and a lot of great commentary as well). But the fact remains, that a negative outcome for both these share holders looks extremely unlikely. In other words, I do not believe KWG and SPQ are speculative stocks.

The actions of CLIFFs in the takeover of FWR, the staking of KWG of the railroad route, the recent exercising of KWG warrants by CLIFFs, the Krech Ojard newsletter explaining that the railroad is destined for Big Daddy , and the huge trading volumes tell us all that there is very little speculation remains. CLIFFs is executing a well thought out plan to access the ROF and have already expended substantial capital in this execution.

Let's take a look at the CLIFFs April 2010 corporate presentation (see below link) - specifically slide 12 and the reference to Big Daddy .

http://www.slideshare.net/cpgllcir44256/clf-investor-presentation-april-2010?from=ss_embed

The 50% ownership of Big Daddy is flagged with a note stating that CLIFFs share could be reduced to 40% if KWG and (more annoying to CLIFFs) Spider Resources exercise certain covenants.

Now think about it: How can any CLIFFs shareholder who views such a corporate presentation by a S&P500 company accept that the current expenditures to date may still face a decline due to percent ownership dilution caused by a Canadian junior JV.

Normal Corporate tactics dictate that SPQ must go, and KWG must be fully controlled. CLIFFs shareholders will demand it !!