HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

Free
Message: Mac Watson: "It's huge dilution. I don't quite understand it really,"
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As an opportunistic "3rd party" in this dance (IMO, FWR BOD approached CLF for some
fiduciary help), CLF has extracted another pound of flesh with the increase in the break fee $6M -> $8.45M "in certain other circumstances". And a case might be made for CLF tendering its shares to NOT "in certain other circumstances".

Regards

"As previously announced, the Arrangement Agreement with Cliffs, as amended, contains, among other things, a non-solicitation covenant by Freewest, subject to customary provisions that entitle Freewest to consider and accept a superior proposal; a right in favour of Cliffs to match any superior proposal; and the payment by Freewest to Cliffs of a termination payment equal to C$8.45 million if the transaction is not completed as a result of a superior proposal, and in certain other circumstances."

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