Hi Bernie,
Thank you for your note today. As per CLIFFs press release of earlier today, CLIFFs has officially announced that they've accumulated only 85% of the outstanding shares of SPIDER Resources.
In the same press release it was stated that:
'Cliffs intends to proceed with a going private amalgamation transaction to acquire the remaining shares of Spider according to the provisions of the applicable corporate and securities laws. Cliffs expects that this transaction will be completed in the fourth quarter of 2010'.
KWG share holdings in SPIDER Resources also remain untendered. KWG will now wait for CLIFFs to set a date re the special meeting for SPIDER shareholders regarding the squeeze-out transaction process.
In the meantime, the KWG Technical Committee is focused on finalizing the upcoming drill program for the Big Daddy.
We are also eagerly awaiting completion of the KWG 'Railway Right of Way - Feasibility Study'now expected in early November.
On another note, the link below is to a piece that you may find interesting... it looks at the long road already travelled and the history of the Big Daddy chromite discovery.
http://seekingalpha.com/article/213568-spider-resources-takeover-battle-ends-as-cliffs-seizes-control-of-big-daddy-chromite-project?source=yahoo%C2%A0
Please feel free to call or write with any other questions.
Best regards,
Chris Meraw
Corporate Communications
(888) 644-1374 (Toll Free)
TSX VENTURE: KWG.v
