I have to present an opposing viewpoint on this subject.

Why is anyone expressing frustration that there have been no serious offers from a major yet? If Xtrata or someone else came up on Monday and made an offer for the works, what would they offer? If they offered a 200% premium to Friday's closing price, what would it be, $1.68. How many of us would be prepared to take a walk for that price?

In my opinion, things are working out to the best scenario possible under present market conditions. Before we should even entertain the thought of a buyout, there has to be a full summers drilling take place, at least in the immediate area of activity to date. To do this we only now are awaiting some financing for SPQ. Everyone else, FWR, NOT,UC, PRB, all have sufficient funds available. Actually SPQ could probably manage without the financing if it came down to that. They all have a huge amount of core that is going to be added to the knowledge base between now and November. Somehow it just seems so improbable that someone will not add a big find to what we already have. Then will be the time to listen to proposals from a major, as it will be them coming to us rather than the other way around.

The involvment of Cliffs to date is very crucial, both for us and them. For them they have their foot in the door. They have made an investment in the area of approx 10 mill to date. Some say it is inconsequential, some say it is a lot. I say that they have a lot more information available to them than the whole lot of us combined, and whether they intend only to see a capital gain from it, or see it as seed money for further investment, it bodes well for the common shareholder, as either way we will see a gain to the same extent that they do.

Just my thoughts on a beautiful saturday afternoon.

Regards

K