Chromite mentioned in opening remarks as area of concern to Company. Mining Commissioner ruled against Cliffs, and without Government intervention, it will be difficult to move ahead.

Q & A - One analyst asked what are their options re chromite- Answer - "we have two options. Appeal and discuss with Board what it means and move forward. We have lowered expenses on project"

They were only remarks on chromite and most of the Q & A taken up by Bloom Lake. In summary, it does not appear that there is very much interest in the investment community re Cliffs/KWG situation. For your info. rj