Babjak

Comments on some items on your list:

- CLF holding: Before CLF had some 19% of KWG, but now it has, as I recall, some 16% (121M shares, as of voting on share conversion options/750M OS). This 16% may have been reduced further, say to ~14% following KWG gas-powered process technology deal (total 100M shares, if all wts exercised) and a flurry of insiders buying shares or through PPs or accumulating wts (management still has quite a large number of options). It looks like Frank is trying to trim CLF control.

- CLF Market Cap: $2.7B (chump change for some) for the whole company would make quite a few players salivate (Anybody named Mick in the room?). Just gobble the whole thing, chop it up, and sell the pieces...Notes: Consolidated Thompson was purchased for more than $4B, not too long ago (CLF has written down $1B for this asset); the chromite asset was also sizable, CLF has spent some $0.5B on this; the 14% of KWG represents only a small chunk of money (~$10M) assuming the current Mkt Cap of KWG, but a buy-out based on the future potential of KWG could be something else, considering the values of the RR and gas-powered technology, along with 30% BD and BH.

- Appeal Hearing: This will be in June (26-27?) with the AG lawyers appearance in front of the Appeal Panel for 30 min or less. This was granted by the Appeal Court judge on 28 April.

My tea leaf reading: CLF Appeal will be dismissed. Or, the easement issue will become irrelevant following future developments sponsored by the Prov and Feds (regardless of who will be in power, Lib or PC).

goldhunter