only 400k on the sell side, page-6

Hi Rebel

Your 2nd point is they have $26m....perhaps options not being in the money is NOT a priority?

It does say they are looking within Aus and overseas so something may come of this

Lastly it appears 2 years before Cliffs can get their hands on AQD, so l don`t think it will be a takeover this year.

PROJECT GENERATION
The Company’s Business Development
Team continues to evaluate a wide range of
opportunities both within Australia and
offshore which could add significant value
to the Company. Discussions are ongoing
with several parties.


Cleveland-Cliff’s intention not to acquire further shares in AusQuest (other than in
certain agreed circumstances) until the earlier of 30 November 2010 and the 2010 AusQuest
Annual General Meeting.