It seema that these numbers .19 to .25 seem to imply that an offer would come to us on the markets and we would have to accept it or reject it on an individual basis...isn't it true that Cliffs must abide by the previous or execute a new valuation for the fair value of KWG...if so, then wouldn't it start at .35 (high end of 2010 valuations) given that much work and advancement has been done, not to mention the results from drilling and metallurgical testing still to come...just saying...

If Cliffs makes an offer for KWG...wouldn't it be a safe assumption that the KWG board would only accept something north of .35 ...and if another bidder comes in first with a low bid, wouldn't that force Cliffs to prevent an unwanted partner from buying KWG, and consequently offer a competing and superior bid...IMHO this has to go north of .50 if any logic is put to the test and timing is favorable with respect to RR announcement from the Gov(s)???

Let's not forget that contingent to the smelter, the mine and the RR being in place, the PEA projected the value of KWG at a range of $2.95 to $4.78...imho, once the gov(s) announce(s) its financial support for the RR and control of same forecasted to be turned over to the FNs...then Cliffs will come to its senses wrt the risk of playing further "ego games" as well as possible financial losses associated with delaying the process any further...

God forbid that they would ever lose the opportunity all together, due to a hostile TO, coming hot and heavy for either KWG or Cliffs....or BOTH.....!!!

Best of luck to all KWG longs

Le Penseur