A couple of thoughts about this new situation we have here. First of all, the Cliffs offer is being valued by the market at $0.64. Cliffs is actually offering $0.55 as a fixed amount for the chromite. With regards to a new offer from NOT, there is a new offer every day as the share price fluctuates. We just had a stellar news release that impacted our share price favorably, and by association, FWR shareprice as well. Not was over three dollars from Sept 07 to Sept 08 and for a brief time in Aug 09. Since Sept 08, the commodities market tanked and NOT fell out of favor due to BOD issues among other things. Since than, we have had many positive news releases and increased our mineral wealth, if only in insitu terms. However, saying we will hit $3.00 again is certainly not a stretch. At this level, NOTs "new" FWR offer is 0.75. With the market valuation of the new FWR today at $0.09, than NOTs payment for the chromite could arguably be stated at $0.66, eleven cents more than Cliffs. Fun with numbers, but even at three bucks, NOTs offer is better, and more than enough to pay the six million penalty.

Staying with insitu numbers, Cliffs is offering $118 million, flat amount for FWR chromite.Mac says he has 50 to 60 million tons. At the low side, he is willing to take $2.36 per ton for the chromite ore. I think $250 per ton is a conservative price these days for 40% chromite ore on the market. This makes Cliffs offer less than 1% of the insitu value of the low estimation of reserves.

We are a news release on exploration activity away from NOTs new offer. Yet the FWR BOD have unanymously accepted Cliffs fixed lowball offer with no escalation possible. I don't think this is over yet.