Neil got back to me this morning. Bright and early!

Spider Resources should have an announcement on a drilling program by the end of next week.

Neil, Mac (FWR) and Frank (KWG) and their lawyers have been working hard on amending the Freewest Option Agreement. That has been completed to the satisfaction of all parties.

A closing of a small financing for SPQ will happen shortly. It will be large enough to kick off a summer drill program, but small enough to try and minimize the impact of more shares. Just like everyone else, Neil hates the low share price. Spider Resources needs $2.8 million Cdn (KWG will match this) for a one-year drill program.

In preparation for the drill program, all of the EM data on Big Daddy has been extensively reviewed. Once drilling begins, the target completion date is sometime in November 2009. A resource estimate plus lots of metallurgical work will follow.

None of this information is really new. The important point is that drilling work is about to begin.

One final note: I said this before, but Neil Novak is a nice guy. He is smart; he is perceptive. But more importantly (in my estimation), he's very cautious. He is not a Frank Smeenk. (He said I could quote him on that). That is not to say, Frank is not cautious. But Neil is not a loud marketeer. He is a hardworking geologist, proud of his company, and wants to find the motherlode (my comment).

So my advice - stay the course. IMHO

Snug