Ok maybe there is more to this then I grasp...but maybe also the following info will help to clarify that SPQ/KWG is involved in several projects...SPQ is the project manager of the Mcfaulds Lake,which in itself is huge but that is the only project that UC has dibs and SPq as I understand it has the rights to manage this project.

Spider Resources Inc (C-SPQ) - News Release

KWG Resources, Spider revise joint venture agreement

2006-05-15 13:38 ET - News Release
Shares issued 227,144,135
SPQ Close 2006-05-15 C$ 0.065

From News Release (C-KWG) KWG Resources Inc (2)

Mr. Frank Smeenk of KWG reports

KWG & SPIDER FINALIZE JOINT VENTURE REVISION TO ADVANCE PROJECTS

KWG Resources Inc. and Spider Resources Inc., having reached parity in their joint venture as reported in Stockwatch on Dec. 19, 2005, have revised and amended their Ontario joint venture as previously constituted in 1992, and amended in April, 2003. From almost $39-million invested in exploration during a 12-year period, the partners have generated six separate exploration projects in their joint venture. The companies will now treat each of the six projects as a separate joint venture to enable each company to either increase or decrease its pro rata interest based upon their own objectives. The six projects that have been developed by the joint venture include:

1. the MacFadyen kimberlites;
2. the Kyle kimberlites;
3. the McFaulds Lake VMS properties;
4. the Diagnos Initiative properties;
5. the Freewest option; and
6. the Wawa project.

The parties conducted an accounting review of expenditures incurred on each property over the course of the 12 years of joint venture exploration activity. Expenditures not directly related to the remaining properties or project areas will be written off by both parties. As the Freewest and Diagnos projects were generated as a result of regional exploration, those regional expenditures not attributed to capital in the other joint ventures have been assigned to the Freewest and Diagnos projects. Expenditures for the six projects have been allocated as follows:

Property                   Deemed expenditure   MacFadyen kimberlites              $7,660,547 McFaulds Lake VMS                  $8,655,718 Kyle kimberlites                  $11,835,971 Wawa                               $2,077,353 Freewest option                    $1,888,949 Diagnos Initiative                 $3,822,519                                    ---------- Total                             $35,941,057                                    ========== 

As of the date of the amending agreements, each of KWG and Spider will be allocated an undivided 50-per-cent participating interest in each project. KWG has been appointed manager of the MacFadyen project. Spider has been appointed manager of the McFaulds Lake, Kyle and Wawa projects. Under the terms of the individual joint venture agreements, the non-manager will not participate in any program until the manager has spent an amount equal to its 50-per-cent interest, thereby increasing to 66.67 per cent its interest in the project. When the non-contributing party's interest has thus been reduced to 33.33 per cent it may elect to contribute to future programs to maintain its interest, or be diluted down to a 10-per-cent working interest.

At 10 per cent, the interest will be automatically converted into a 1-per-cent net proceeds from production royalty in the case of diamonds, or a 1-per-cent net smelter royalty in the case of precious metals (for primary precious metal deposits), or a 0.5-per-cent net smelter royalty in the case of base metals.

These amendments will enable both parties to focus on those projects they wish to advance, without the requirement of the other party's prior approval. The Freewest and Diagnos projects will be 50:50 joint ventures, under the initial management of Spider (due to the proximity of Spider's other projects), and KWG and Spider intend to finance their initial exploration equally.

Under the new agreements, a project's manager will have the right to invite an arm's-length third party to acquire a participating interest in the joint venture, provided the non-manager's interest is not reduced below 10 per cent as a result.

KWG plans a drilling and sampling program at the MacFadyen kimberlites this summer. Spider intends to resume drilling at the MacFaulds Lake VMS project in June. Drill core samples from the Freewest Option are currently being sampled for platinum group element mineralization. Geophysical analysis is being completed to determine drill targets in the Diagnos Initiative properties for drilling later this summer.