Thank you for speaking with Bruce Hodgman at KWG.

Yes, indeed Cliffs aborted the valuation of KWG over the relevation of a higher value than they had anticipated.

I agree with you. There is merit to your statement that you intend to hold out until Cliffs comes back with a bid that nears or exceeds $.30 for KWG. I will do the same. Recall that KWG retained Broad Oak to prepare a dicounted cash flow valuation of KWG's Big Daddy interests alone. The Broad Oak valuation determined that KWG's 30% stake in the indicated and inferred resource identified so far at Big Daddy could generate between US$141 million and US$300 million based on a discount rate of 8% and chromium ore price of US$11,000 per metric tonne, or about $5 per pound.