Rundle ...

As you wondered, there has been a great deal of discussion about the number of shares outstanding. To my way of thinking the number is an artifact of the long and generally unappreciated history of Spider Resources. In the late 1990s, it was hard for Neil Novak to raise money. All that anyone saw was muskeg. No one (except Neil and deBeers) really understood the geology (and even Neil probably really didn't).

Importantly for Spider, and as noted by Old Man on the NOT board, much of the good land was claimed a number of years ago. During those years Neil Novak staked a lot of great claims for SPQ (and its investors) which include some possibly significant anomalies.

Some of the land has been drilled, but sooner or later these anomalies will be further drilled based on the new Aerotem data. They will be drilled under JVs signed between SPQ and UC/FWR/KWG. (The Freewest Option will be drilled very shortly.)

Signifcant movement upward in SPQ share price will happen. In the short term, there will be upside pressure as more and more good news come in from NOT, FNC, and PRB. Should there be some excellent drill holes on the Freewest Option (FWR/SPQ/KWG JV on the already excellent chromite-PGE site), I believe there will be strong movement upward.

Will SPQ potentially hit $30 (or more) like NOT? (NOT would then have a capitalization of $3.76 billion). Perhaps if SPQ really hits something big (I think Neil thinks the Freewest Option site has such possibilities.) With a really good strike, and with the number of SPQ outstanding shares, SPQ would be worth $10. Not bad when at this time it's only 13 1/2 cents.

Now all of this "playing with numbers" doesn't talk to any strategic "area play" considerations. At the last NOT AGM it was very clear that Richard Nemis was pursuing JVs and an area play with other interested juniors. With Neil Novak as his exploration Vice President, there is an obvious connection between NOT and SPQ.

I started by investing only in SPQ. I now hold NOT, FNC, PRB, FWR, UC and KWG. NOT and FNC have already appreciated very nicely. PRB should follow next. And then finally SPQ, FWR, and KWG should be next. This is, after all, the next Great Canadian Area Play and I want to be holding a complete basket on companies having claims on the best land.

Finally, if as Geoprof and others on the NOT board conjecture, there is likely a motherlode ovoid or some such large structure at McFaulds. I'm betting that it's in this area of NOT/FNC/PRB/SPQ and FWR/UC/KWG. There will probably be 100s of millions of tons of mineralization worth 100s of dollars per ton.

If the Great Canadian Area Play is truly realized in the JBL, I don't think 300 million outstanding SPQ shares will stop a strong upward movement in share price.

These are my humble opinions and shouldn't be taken as investment advice. They are simply my choices.

Snug