'I believe that a NOT holding of 40% and a Cliff holding of 40% with the value of 20% retail would be an ideal outcome for FWR retail."

At the moment CLF has 12.65%. Next stop is 66 2/3% + if the Jan vote is successful. In the mean time, do you think CLF is buying in the open market? Is it not bound by law, since formal bids are active, to make a press release of additional ownership at 5%?

Regards

Freewest to issue 7,375,000 shares to Cliffs at a price of $0.45 per share, for proceeds to Freewest of $3,318,750

MONTREAL, QUÉBEC--(Dec. 1, 2009)

Upon the exercise of the warrants, to Freewest's knowledge, Cliffs will indirectly hold 29,033,440 Freewest shares, representing approximately 12.65% of the 229,508,479 shares that will be issued and outstanding.