Side three is correct here.

It wouldn't matter what efforts were put into keeping the lid on things. If there were a takeover in the works it would reflect it in the share price. There is simply too much greed out there and too many individuals would have to have some involvment if it were to happen. Anyone, whether chinese, Cliffs or someone like Vale, who intended some sort of offer would have several individuals involved and one of them would undoubtedly find a way to alert a friend or relative. That would assure some heavier buying which would do more than drive our Sp up a couple of cents.

Simply look at the trend just before FWR, or SPQ, and noone was really watching for either of those to happen when they did. In this case everyone has their ears to the ground waiting for something like this.

Look for a 30-40% jump in SP to allow all the insiders to load up, and then an offer with another 30-40% premium as an opening bid. If the bidder is CLF, this offer may make it's way up to the 2.80 point, but not much further, so we all better hope if there is something coming, it is coming from elsewhere.

Posssibly, I have been watching this one for too long, and am growing a bit weary with it, but I do not foresee a buyout price beyond about 4.50 as we stand today. I would dearly love to see this winter's drilling season under our belt first, but a buyer may have the opposite in mind.

Rumors are rumors, and I love to expand on them when possible. I am not picking up any indications of this one having any meat to it. Monday will give a better idea if we see any price and volume action.

Best regards

K