- 4th option is to go away? But this means loss of face and money since CLF has spend quite a bit of money for its acquisition (FWR, SPQ) and preparation work for its plan. It would be very difficult for Billy to explain all this to the BoD. I don't see a chance for CLF do do this. Not this pee wee gorilla, behaving like a mid-size one.

- taking over NOT? No chance with that 700-lb gorilla sitting in the corner anchoring NOT at 9.9%. Just don't tease it, CLF may get eaten alive.

- JV with KWG, or a friendly TO? This is the best and sensible option for CLF, but may be it's not doable since there is so much bad blood between Franky and Billy, unless of course CLF can make Frank, and us, an offer that would be impossible to refuse, i.e. $1 plus, which is not unrealistic given the current and future value of KWG. Note: If the chromite can be taken out of the RoF, it can be quite a lucrative venture. According the Feasibility Studies for BT (and BD) the profit margins are exceptionally high and payback times are short, i.e. within a few short years, e.g. 2 years? This is a cash cow, as long as there is an economical transportation route (the RR) to take the chromite out. On the other hand, No transportation = wealth would be locked in the RoF forever...and this would please those who don't want any shovel to touch the ground.

- 5th option: Kiss and make up with KWG, and bring in a major player to help finance the project (given the current CLF financial status, it does not appear that CLF can make this happen by itself alone). If not, KWG might just do that itself, and this would upset CLF plan royally. Perhaps, this would be to walk away (ouch! and Billy would be shown the door), or to swallow the pride and suggest to KWG that BD should be developed first. It may have to reduce the 70% holding in BD (to something less than 50%?) to get an agreement, since someone else would want to drive the truck.

Yup, it's a chess game (with some poker mixed in there).

goldhunter