I apologize folks for taking so much time. I had three glasses of red wine at lunch. It was held by The Richmond Club at the National Club on Bay Street. Rather hoitee-toitee. Reeked of money, actually. But once we all make some excellent $$$$ with SPQ, we must invite Jeannie to join us all for a lunch and numerous bottles of wine at the National!!!!

When I got home, and after I heard that Kelsee was shoveling snow, I felt really sorry, but only for a second or two. When I read about all the women waiting for me - my communication - my heart raced. Ah... it's a difficult job but someone's got to do it!!!

So here's the scoop. BUY, HOLD, and GO LONG.

Richard Nemis and Neil Novak were at the meeting. Michael White of IBK made the "dog and pony" presentation. I have numerous points so be patient. Remember these are MY notes, they are subjective, and should be understood as such. If you have any questions, post them on this hub. I will try to answer them.

a) Michael White of IBK made presentations over the last week or so in Europe: London, Brussels, Frankfurt, and Monaco. I think there was another European city, but I have forgotten. The NOT and Ring of Fire story was received with great interest.

b) Michael will be in New York City and Boston on Monday of next week. There may be other USA visits. He probably will be visiting citiies in Asia the week after.

c) From another guest who flew in from Montreal, it was mentioned that JP Morgan was hired by a very large mining company to assess NOT and the Ring of Fire. I can not confirm this, but it was suggested that the large mining company was XSTRATA. Remember that I can't confirm this, but where there's smoke, there's fire.

I have mentioned the above information from IBK and JP Morgan (investment companies) because Michael White mentioned twice a time-frame of 12-18 months for a larger investor to bid for the "Great Canadian Area Play". This speaks to the strategy being employed by Nemis, NOT, and Novak. (My personal comments directly on SPQ I will put a little further down.)

d) I asked this question of Mr. Nemis: Can you enlighten me on the tangled web of joint ventures with regarding to NOT and the Ring of Fire? He replied: It is my strategy to have as many as 15 JV's sign with Noront. Noront has staked many new claims (a new claims map should be out tomorrow - Kelsee). They want to option off many of these claims. The Ring of Fire is much, much too large for Noront to explore by itself. He has two (recent JVs (WSR, Hawk?) and six more on his desk. Each JV will pitch in $5 million; however, Noront will hold 50%+ ownership and hold operating responsibility.

Why is the above info important? It is clear from today's meeting and the NOT AGM that Noronto, that NOT will drive much of the exploration at the Ring of Fire. Nemis wants to be able to present in 12-18 months a 50%+ package to the likes of XSTRATA, CVRD, or some other Major.

Not only will the 50% NOT package look really good to the Major, it will benefit the JV. Their shares will also see a strong upside. Everyone wins.

It was also mentioned once again two other points that will look really good to the Major. 1) They will not have to build a smelter. There are smelters in Sudbury, Ontario and Thompson, Manitoba. 2) A road to the Double Eagle location will cost just $2 million. Peanuts to a Major.

e) NOT will focus its drilling at Double Eagle, and SPQ/FWR/FNC will focus their drilling at the PGM and chromium site close by. I inferred that they feel there's a stronger possibility of significant finds in those locations.

f) Nemis wants Noronto to have as many as fifteen (15) drill rigs on site. Drilling is costly but a necessary evil. The Major will require this information. (This does not include SPQ/FWR/FNC drill rigs.) If this number of rigs find their way to the Double Eagle, there probably will be one more NOT financing.

g) NOT assays for holes #13-#16 are imminent. They have "visuals" for holes #18-#26. Novak said #18 "looked" like #5 (the "glory hole").

h) Phase #1 or the aerial survey has just been completed. Phase #2 will be completed by year end. There are four (4) more phases to be completed. Sorry, I have no more information than that. However, if each phase takes 4-6 weeks, the survey should be completed sometime in 2Q08. I believe this information will be critical to selling the Major. (I heard from Novak that the TDEM survey looks down 150 meters into the earth.)

Final Impressions & SPQ

When I saw Nemis and Novak walk in together, I said to myself, "These guys are working closely together: one's the salesman, the other, the geologist (technical credibility). NOT and SPQ, to my mind, are just about one and the same. As the fortunes of NOT go, so will SPQ. How much SPQ's share price will appreciate with this scenario can only be guessed at. However, my guess is significant. (I'm still planning on a 2008 Holiday Season party. If the share price gets to $3.00, I'm changing the location to somewhere in Austria.)

The bottom line: it's imperative to be PATIENT. The story is not even half-way out. There's going to be lots of froth... I mean lots of froth. But if you buy at these bargain basement prices, you can expect a multi-bagger. One more big find by NOT or SPQ or FWR or FNC and share prices will move sharply up. And this will only happen with the drilling going on, and the rest of the 2008 winter drilling program.

SPQ is an important part of a much larger play. It's VMS locations are already documented and will be better defined by the TDEM surveys. It will be a juicy morsel for any Major, and is part of the larger NOT JV strategy.

Regards, Snug