The following is a description of recent developments since May 31, 2010, the date of the Offer:

On June 1, 2010, Spider filed a press release announcing, among other things, that its Board of Directors had extended the Separation Time, as defined in Spider’s Shareholder Rights Plan, to June 11, 2010 so that its Board of Directors and Special Committee appointed by Spider to oversee the proposed KWG/Spider Merger and to respond to the Offer has sufficient time to consider and assess the Offer.

On June 3, 2010, Cliffs announced that it had acquired, through its wholly-owned subsidiary Cliffs Greene B.V., 7,792,000 Common Shares by way of public market purchases. Following completion of such purchases, Cliffs Greene B.V. held and continues to hold 27,434,500 Common Shares, with those Common Shares having been purchased at a weighted average price of $0.1077, representing approximately 5.1% of the 539,620,343 Common Shares outstanding as at the Record Date.

On June 7, 2010, Cliffs announced that it was continuing to review its options with respect to making a formal take-over bid for the outstanding common shares of KWG and that it may not make such a take-over bid in light of the proposed KWG/Spider Merger.

On June 10, 2010, Spider announced the appointment of a financial advisor to provide financial advisory services to Spider’s Special Committee with respect to an evaluation of the proposed KWG/Spider Merger and the Offer, subsequent to having entered into the binding letter agreement to proceed with the KWG/Spider Merger on May 25, 2010, and one day prior to entering into the Combination Agreement.

On June 11, 2010, Spider, KWG and a subsidiary of KWG entered into the Combination Agreement in respect of the proposed KWG/Spider Merger. The Combination Agreement superseded the binding letter agreement dated May 25, 2010 between Spider and KWG.

On June 13, 2010, Mr. William C. Boor, Senior Vice President, Business Development of Cliffs and President of its Ferroalloys business unit, contacted Mr. Neil D. Novak, Spider’s President & Chief Executive Officer, and indicated that Cliffs was prepared to increase the offer price under the Offer to $0.16 per Common Share on the basis that the increased offer was supported by Spider and upon completion of limited confirmatory due diligence. Following that call, on June 13, 2010 Cliffs delivered a letter to the Board of Directors proposing to increase the Offer to $0.16 per Common Share.

On June 14, 2010, Cliffs delivered to Spider a revised proposal letter proposing to increase the Offer to $0.165 per Common Share, subject to entering into a definitive support agreement with Spider, Spider terminating all agreements with KWG concerning the proposed KWG/Spider Merger and the completion of limited confirmatory due diligence.

On June 14, 2010, Spider's Board of Directors advised Cliffs and KWG that Cliffs’ proposal is a “Spider Superior Proposal” as defined in the Combination Agreement, representing an offer more favourable, from a financial point of view, to Spider shareholders.

On June 16, 2010, Cliffs modified the terms of its proposal, which continued to provide for an offer price of $0.165 in cash per Common Share, to take into account the terms of the Combination Agreement, which it received a copy of after it was publicly filed by Spider on June 15, 2010. On June 16, 2010, Mr. Novak sent an e-mail message to Mr. Boor acknowledging receipt of the modified Cliffs proposal (the “Cliffs Initial Superior Proposal”) and confirming on behalf of Spider that such proposal constituted a “Spider Superior Proposal” as defined in the Combination Agreement. Under the Combination Agreement, KWG had a five business day period, expiring on June 24, 2010 at 12:01 a.m. (Eastern time), during which it had the right to match the Cliffs Initial Superior Proposal.

On June 16, 2010, Cliffs also announced that it had advised KWG to stop work on a valuation of KWG because the valuation was no longer necessary. Cliffs, which owns approximately 19.3% of the common shares of KWG on a fully-diluted basis, originally requested the valuation on May 24, 2010. At that time, Cliffs had indicated its intention to make a take-over bid for KWG common shares, and the valuation was required because Cliffs was an insider of KWG.

On June 23, 2010, Spider informed Cliffs that KWG made a proposal to Spider to amend the terms and conditions of the Combination Agreement in an effort to match the Cliffs Initial Superior Proposal. On June 25, 2010, Spider's Board of Directors advised Cliffs that the Cliffs Initial Superior Proposal was no longer considered to be a “Spider Superior Proposal” under the Combination Agreement.

On June 25, 2010, Cliffs approached Mineralfields proposing to increase the Offer to $0.19 per Common Share, subject to Mineralfields entering into a lock up agreement whereby it would agree to tender its Common Shares to the Offer and vote against the KWG/Spider Merger if Cliffs agreed to increase the offer consideration to $0.19 per Common Share. Mineralfields and Cliffs entered into the Mineralfields Lock Up Agreement. Mineralfields owns or controls approximately 74,599,036 Common Shares, representing approximately 11.3% of the currently issued and outstanding Common Shares (on a fully-diluted basis). A copy of the Mineralfields Lock Up Agreement will be filed on SEDAR by Cliffs.

Also on June 25, 2010, Mr. Boor contacted Mr. Novak and indicated that Cliffs was prepared to increase the offer price under the Offer to $0.19 in cash per Common Share on the basis that the increased offer was supported by Spider. Immediately following that call, Cliffs delivered a letter to the Board of Directors proposing to increase the Offer to $0.19 in cash per Common Share, conditional on entering into a definitive support agreement with Spider and lock up agreements with directors and officers of Spider, and Spider terminating all agreements with KWG concerning the proposed KWG/Spider Merger.

Time for Acceptance
The Offer is now open for acceptance until 12:01 a.m. (Eastern time) on July 6, 2010, unless extended or withdrawn by the Offeror.