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)

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Message: Re: FWR conference call - pretty short!

The negative tone from almost everyone about Cliffs offer should send a clear message to Cliffs. The offer isn't good enough to get any support other than the FWR BOD. I clearly understand why they love the deal.

So Cliffs has a choice to make. Do they really want FWR? I've always believed their heart wasn't in it. They don't have a hope, but if they do want FWR, they will be coming soon with a much improved offer. A few cents will not do it.

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