Here is the article. The 250 000 holding is 'as of May 25'. The statement is delivered somewhat cynically... Note that KWG is said to have "walked away with 2.3MM $..." What else could they do with a money bag trown out at them with the slam of a door?!? GLTA. BaBe.

MONTREAL - KWG Resources Inc. (TSXV: KWG) said it won't give up its shares in Spider Resources Inc. (TSXV:SPQ) despite walking away from a fight for the company with Cliffs Natural Resources Inc.

Following independent valuations, the Montreal-based mining company said it will hold onto its shares until Cliffs proceeds with its plan to acquire Spider shares that had not been tendered.

"At that time KWG will have the statutory right to dissent and to demand to be paid, and to be paid, the fair value of its Spider shares, which KWG believes will exceed the 19 cents per share being offered by Cliffs," the company stated.

As of May 25, KWG had 250,000 of the 653.5 million Spider shares available on a fully diluted basis.

KWG walked away with a $2.3-million break fee after Spider opted to accept the improved offer from Ohio-based Cliffs (NYSE:CLF) over its own bid.

Spider said the friendly takeover by the large U.S. miner will provide it the expertise and cash necessary to help develop a lucrative chromite deposit in Northern Ontario's promising Ring of Fire mineral zone.

Spider was the first player in the Ring of Fire, a lucrative mining area in the James Bay lowlands that contains metal deposits including kimberlite, chromite and nickel.

Chromite is used to extract chromium, a building block of stainless steel and other metal alloys.

Cliffs increased its bid after locking up support of Spider's board and its largest shareholder, MineralFields Group.

Cliffs already holds 52.1 per cent of Spider.