I think we need to focus on the rail link more. The ROF is pretty remote. As much as all of the properties there appear to be fairly lucrative, there must be a lot of reluctance by each individual company to be the one to step up to the plate and build the railway, unless they can turn it into a strong revenue generator itself.

Once a railway is built, THEN the properties will become a lot more valuable. But who is going to step up to the plate? Will KWG become a rail operator and spin off other assets? If so, who is going to underwrite the construction costs of the railway? We're talking about a project that could approach a billion dollars. KWG can't go to market for that kind of money. Will Cliffs and/or other companies support some of the funding? If so, who could become involved in the consortium? What kind of support will the Ontario government provide, and will it be unilateral or will it be based upon matched committed investments from the other companies?

I think that there are a lot of rail questions that need to be answered before we start down the road of true development of the area. Power is another critical question, but I believe that rail is the key catalyst that we need to pay attention to. If the rail questions can be addressed and development initiated, then I believe that power, First Nation support, and other minor hurdles will fall into place a lot more easily.