Over the course of the last week we have likely seen the arbitragers take up most of the loose float. This will mean fewer shares for the penny players moving forward.

Several other factors are likely in favor of a higher price.

Some one posted that SPQ & KWG would be self financing in the short term from the exercise of warrants and options etc. This will mean no need for any more 5 cent placements.

Cliffs whether they like it or not has given legitimacy to this play. Many have probably concluded if Cliffs felt this is a good buy at .13, they do as well.

We must also remember the commodities market is not as strong as it might be. This if anything has dampened speculation. Any renewed strength in Asian or European economies will see things firm up in a hurry.

The other consideration here is had things played out differently a month or so ago would we have seen .20 to .25 cents a share? Many people feel that had we got above those levels the offer from Cliffs would have been higher. Let’s face the facts Cliffs doesn't want to let this slip away. They are trying to buy us out for nothing only because the opportunity presented itself. Had that not been the case I would bet they would have made an offer at a higher price any way.

JMHO

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