So the speculation was correct. Cliffs continues to make small investments in the ROF. Perhaps KWG was just the appetizer - so to speak.

Is Novak interested in Cliffs? Verbally he's stated that "he doesn't know what Cliffs' intentions are." Does Mac Watson? Or was the FWR-Cliffs deal simply a matter of convenience. Private placement money is hard to come by these days.

Mac got his placement at 35 cents. This per share price probably sets a bottom for a while. Hopefully with more drilling (perhaps Cliffs has seen other assays not yet revealed) the FWR share price will go up.

So I think Neil and the SPQ BOD are stuck between a McFaulds rock and a hard place. Why?

1) $2.8 mil in the bank - enough for maybe 10 drill holes on a fabulous opportunity at Big Daddy

2) trying to sell private placement shares through IBK to raise money

3) some lame duck Directors

4) a share price of 3 cents, which nobody seems to be looking at

So what is the retail investor to do? Many have probably bailed; many are thinking about it. Most obviously want the status quo. Most don't want to challenge the BOD or to give a phone call to Neil. I wonder how many will even bother to go to the AGM.

Perhaps it's true: you reap what you sow.

Snug