Cliffs Also Determines Not to Bid for KWG

"When Cliffs announced its original intention to bid for Spider on May 24, 2010, Cliffs also said it intended to make an offer for KWG. However, after KWG entered into a binding letter agreement to merge with Spider, Cliffs cautioned that it may not proceed with a bid for KWG. Cliffs has now determined that it will not bid for KWG assuming Cliffs� bid for Spider is successful. In addition, Cliffs may reduce its ownership position in KWG by selling shares into the market from time to time. Cliffs currently owns approximately 19.3% of the issued and outstanding KWG shares on a fully-diluted basis."

If they start dumping into the market KWG is in trouble. They will also spend KWG into the ground as KWG may be unable to come up with the % of the JV spending. I doubt they will sell any on Monday.... sheeples will be running off the cliff (no pun intended)

BB