There has been a great deal of frustration expressed over the low SP and the fear that this may be an indication of sellers giving up; that might be the case, but it represents very few or a "select" few who are selling for very specific reasons.

Whether or not these reasons are in support or in opposition to, or even relavent to the ROF process moving forward, we may never know for sure. Suffice to say, that they may be specific to that individual or entity and therefore irrelevant to the global process...1 to 2 percent of the total float does not constitute capitulation or even a significant movement to the down side.

Have any of you noticed that when the "ask" grows at .025 the "bid" seems to grow proportionately. That seems to possibly indicate a progressive but methodical transfer of assets...from whom to whom we don't know, but hopefully, it is in support of the next step in the evoluation of this project.

There was also someone who mentionned on the other board that we were ripe for a hostile Take-Over.

Let's all remember that a "hostile" TO would drive the price up until the buying entity owns 85%...after that they can force the share holders to a certain extent, except for those who choose to "dissent".

Understanding that this story has been dragged out so long and that a great majority of KWG shareholders are well educated by this time, (as observed in the low selling volume of the last year relative to the total float). Consequently, a safe assumption can be drawn, that KWG shareholders would hold out for an extended period of time before the 85% level is reached. When SPQ was taken over I dissented until KWG sold their shares; this forced Cliffs to pay .19 instead of the .13 and subsequent .16 that were offered.

With consideration to the possible time required and the subsequent upward pressure on the SP, I don't think that a TO company would wander into such a long drawn out process especially in light the approx. 900 mil shares (float + options / warrants). It would be to their advantage to come in with a friendly offer, and conclude it quickly to prevent others from joining the race, especially if the Fed Gov and/or Ont Gov have made commitments to infrastructure and the process has started to move.

It is my sincere belief and hope that when such a time comes, that Frank will be able to prove the case for the KWG NAV, and as such negotiate a great deal for all the shareholders including himself...even if it involves a royalty (from RR, aggregates, pipe or mine production), a transfer of shares, a conversion of shares into the buying entity's shares or even a 3P (Public/Private Partnership with Govs and Fns) that pays us over time in the future. It is nearly impossible to calculate the KWG NAV at this point, but we can safely assume that it has grown exponentially and thus will provide a significant payback.

This brings up another worry that has been mentionned in the various posts. The whole notion of dilution and the possibility of a reverse split. Can we not agree that over the last 3 and a half years, the NAV has increased by as little as 100% to possibly 300% or more. (value of patent yet undetermined). Where would that put our shareprice if we knew the current KWG NAV? Counterintuitively, the more important question is: Has the dilution over time outpaced the increase in NAV?

My estimation is that it has not! Although we have roughly doubled our outstanding float in those years, we have more than doubled our NAV. Even if more dilution were to occur, it seems to me that the current NAV divided into that future increased float, would still represent a significant increase relative to the current SP.

The reality is...that if a shareholders want to maintain their current value in KWG shares, they must take advantage to the buying opportunity that exists at these low prices. Whether the drop in price is due to manipulation on the part of outsiders, or strategic transfers by those with primary interests in the ROF, the numbers can still work in our favour if we work the solution and not complain about the obvious details. On a more positive note, the increase in the float, has also resulted in the shift of ownership of 8% of shares from Cliffs to more friendly hands which would work in our favour in any TO scenario.

I do believe that something great is in the works for the following reasons;
1. Bold Ventures have agreed to two delays. That wouldn't happen if nothing of benefit for them, was being negotiated;
2. There are so many moving parts to this whole project and process and unlike an engine / transmission, they are not yet connected so we have to accept that connecting all the different interests in one viable direction requires a lot of energy and some amount of time;
3. In the last year, there has been mostly supporting news for KWG, as it relates to Cliffs, Ont Gov, Fed Gov, FNs, possible partners, patent as well as related global industry news, that it is hard to imagine that all of that could have been undone due to inaction on the part of one incompetent politician...(I'll let you all guess who that is)
4. Many different entities want / need this mega project to succeed. Those entities will all contribute at the time and in the manner that is most beneficial to them and/or less detrimental to the process as a whole. (nobody wants to be responsible for its failure) We just have to continue to be patient. If anyone can pull this off its Frank and his team.

5. There seems to be growing pressure from the Feds to get things done. This may be politically driven by the coming election, but I believe that they are coming to the realization that the days of living "fat, dumb and happy" off the proceeds of oil, are over for at least a while and that the economy needs a serious shot in the arm. Harper knows that he needs the perception of Ontarians and Quebequois towards the economy to change dramatically for the better, if he and his party are to be victorious in the fall.

Let's just hope that "mediocre minds" catch up with the visionaries both in insight and execution, before to much damage is done. (my favorite quote " Great spirits have always encountered incredible opposition from mediocre minds." Eistein )

JMHO

Le Penseur