Massive Black Horse Chromite Discovery

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

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Message: Lambs to the slaughter?

In my posting of Sept. 9th re a conversation I had with IR, I specifically asked when drilling would start and was advised that it would commence in early Oct. and would only take a month to drill the 12 holes so results would be forthcoming approx the end of Oct or early Nov. It was posted today by another poster that they understood the drilling would not even commence until at least mid Nov. What gives? Why would IR state to me early Oct for drilling and then all of a sudden it can not be even commenced until mid. Nov. We have had no news releases from KWG since Aug. of any substance. We are watching our share price being walked down to the .10 range. Look at the ask on L2 Alpha and you can see all of a sudden there are in excess of 1 mil on the ask with hardly anything above .11. Has our management reached an ùnderstanding`with Cliffs to once again shaft the shareholders for their own gain, something here does not pass the smell test and I am afraid that we are like lambs, being led to the slaughter. What happened to all the plans to fight Cliffs tooth and nail. Are they still going to Dissent at the SPQ meeting on Oct. 4th, if not, any SPQ hold-out will certainly be left out in the cold and will be almost forced to tender their shares for the , as JD said, puny offer from Cliffs. The fact we are not hearing anything from management really has me worried and if they are going to wait until mid Nov. to start drilling with the pathetic excuse that the crew will be so tired from the FWR drilling, they must have a well deserved rest before they can start our drill program. This is in my mind BS, and what about the KWG shareholders, we deserve some consideration and a resolution to this crap with Cliffs. This walk down with share price is exactly the same procedure that was used by management and Cliffs with FWR & SPQ, is KWG management now condoning the same thing. As shareholders, we are certainly at their mercy and don`t expect any relief from the OSC as they have to be the most incompetent regulators on the planet. All I can say, is hold tight in spite of all the crap and know we still have all our assets but it is starting to look to me like our expected great return as shareholders is certainly going to be diminished. I have personally removed the rose coloured glasses and await the next move and if I am full of crap, I will be the first one to apologize. rj

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