• Freewest will come to an agreement with the 3rd party by Dec.1

From today's announcement, " This settlement on the Shareholder Rights Plan gives us sufficient time to reach a value-enhancing agreement with the third party and to sign a definitive agreement by December 1, all to the benefit of Freewest's shareholders", added Mr. Watson." I think Mac is probably pretty confident an agreement will be reached. It may already be worked out in principle, but requires work on legal wording and other fine tuning. Why else would he agree to waive the SRP on Dec.1, the one thing created to protect them from a hostile takeover.

• The 3rd party is Cliffs Natural Resources

I think this is who most people believe it to be, myself included. Given the investment they have in both JV partners FWR and KWG, we know they've been interested in the chrome for some time. Also, a chrome mine fits so well into their plans for growth.

"What is Cliffs' corporate strategy? Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world’s largest and fastest growing steel markets. We expect to grow our business and presence as an international mining company by continuing to expand both geographically and through the minerals that we mine and market.

Also, lets not forget who was added to KWG's Board of Directors this spring - Mr Richard P. Fink who is currently General Manager – Acquisitions & Development, at Cliffs Natural Resources, an Ohio corporation, the principal shareholder of KWG.

• KWG and SPQ will be next in line for acquisition

Once the 3rd party (or Noront, if the case may be) acquires Freewest's chromite interests, it only makes sense that they will want the remaining 50% of Big Daddy held by SPQ and KWG.

• If you hold KWG and SPQ at current prices... you'll make money

This is a given, as far as I'm concerned. Don't know how long it will take, but sooner rather than later is my hope.

These are some assumptions I've made and the reasons that lead me to them. Your's may differ. I may be wrong so don't be influenced by them.

SRV