Massive Black Horse Chromite Discovery

Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%

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StevieRay

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Re: Cormack Securities

in response to

Cormack Securities

Shaquille

posted on Jun 08, 2010 12:33PM

In todays news release it states that Cliffs notified KWG to continue with the valuation after their news was issued stating that they may not offer a bid, so one can conclude that Cliffs is still interested.

KWG's formal valuation commences

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES/

    Symbol on TSX Venture Exchange: KWG
    Shares issued and outstanding: 589,489,732

MONTRÉAL, June 8 /CNW/ - KWG Resources Inc. ("KWG" or the "Company") announces that the previously announced formal valuation of the Company's common shares has been commenced by the independent valuator, Cormark Securities Inc.. In a letter delivered by Cliffs to KWG on June 7th, after the news release issued by Cliffs on the same date, Cliffs requested the continuation of the valuation. The formal valuation is required to be completed in response to Cliffs Greene B.V.'s ("Cliffs") stated intention to commence a takeover bid of all of the common shares of KWG (the "Proposed Bid").