If, and I would qualify that 'IF', Cliffs was intending to use some or all of that money to accumulate control of the ROF, They probably have enough to get control of most of it. IF that was their intention it would be a leveraged buyout, whereby they would have financing in place, and would probably only have to produce 10-15% of the takeout price. The rest would be financed, and at todays libor rate, they could get very attractive rates on a financing package.

The above may seem a far fetched idea considering todays economy, but there are signs that financing money is going to loosen up starting in the third quarter of this year. Combine that with the fact that all the winters drilling results still have to be made public between now and end of June, and it only requires one good hit of nickel or PGE's to make this economical. It all could make for a very interesting July/ August.

Regards

K