So how does one begin? Activist shareholders, I think.

There were so many shareholders present that the AGM had to be moved to a larger board room. Yellowknifer, John Defur, Irish1111, Misameda, Luckylong, Softail, Doryloads, myself and a number of others were the eyes and ears of this SPQ Agoracom board. There was significant discussion, and at times, confrontation.

SIGNIFICANT POINTS

1) Resolution #12 was defeated. 2/3 of voted shares FOR was required to pass the resolution . 30+ million voted AGAINST. 37 million voted FOR. Not even close. Thanks to all who saw the light.

The main reason given by the Board for Resolution #12 was that "institutions" interested in SPQ shares wanted a higher share price. When asked "Who are these institutions?", the Board declined to name any. The shareholders (Agoracom folks) present at the AGM believe that the lack of transparency by the Board translates into "no institutions", and therefore a very poor reason for promoting Resolution #12.

We felt that the Board was both dismayed and somewhat shocked. However, they clearly got the message that their activist shareholders were watching, and continue to hold the Board accountable for their decisions and actions.

2) Spider Resources will fix up the website, more actively promote the company, and have better investor relations (IR). Former CEO Bryan Wilson has been tasked by Neil Novak to get working on this stuff.

If nothing is seen in this regard in the next couple of months, the shareholders present at the AGM feel that a more activist approach with this matter should be undertaken.

3) The excellent geology has not changed. Work on a number of significant projects continues to move ahead. More on these projects below.

All of the shareholders present at the AGM continue to feel positive about the claims and projects that Spider Resources is involved in. We also feel that Neil Novak and the BOD must continue to receive input from united and activist shareholders on these projects and future decisons with regards to these projects and potential JVs.

4) The summer drill program is about ready to go. The spring breakup is over and the blackflies and mosquitos are taking up residence. The base camp is in place, fuel oil for machinery has been flown in, and the drill teams are coming in in the next 14 days.

PROJECTS

a) Freewest Option - drilling to begin within 14 days. The drill team is coming into camp. The onsite geologist was ill but is now much better. This project has the strongest focus of Neil Novak and the BOD. Prospects are excellent.

b) Wawa - Neil Novak has a passion for diamonds. He has identified a geological structure which measures about 300 by 8 meters, and has the signature of a kimberlite pipe. He wants to spend $200,000 this summer for 5 drill holes to sample this structure. This looks very promising.

c) Diagnos Initiative - once again diamonds. Neil has also isolated a high priority prospect here. Ground magnetic mapping has finished. KWG is very supportive of this project. People are going up there this week. The prospective structure has the signature and the depth (45 meters below the surface) of kimberlite.

d) McFaulds #3 (UC Resources is the operator) - 37 drill holes complete. Dr. Franklin has redone the resources estimate, which should be available soon. (It was redone on Dr. Franklin's advice. He wanted the core relogged because the geology is very complicated and heavily altered, which had compromised the initial logging by the drill team and onsite geologist.)

The implications of a completed resource estimate (from the 37 drill holes) means that a 43-101 must be completed within 45 days.

Shareholders should go back and review the assay results for McFaulds #3. They are spectacular. The 43-101 should detail all of this plus tonnages. Clearly, UC Resources will then want to get on its horse, and start working this project vigorously.

e) McFaulds #1 and #5 were mentioned briefly. 16 drill holes for #1 with 4700+ meters. Excellent prospects but UC Resources needs to get drilling on this. #5 has only 2 drill holes but Spider Resources has been pushing UC to get going.

INTERESTING POINT

A contractor had been hired by Freewest to do some high powered geophysics EM work, which has been completed. This was mentioned because the nature of this EM work was of such high power that nobody else including Spider Resources could work on their geophysics.

FINAL THOUGHTS

Neil Novak and the Board members present had their eyes opened by the activist shareholders present. "The bar has been set" for future AGMs. We are looking for professional presentations, intelligent corporate promotion & marketing, and transparency of information.

Approximately 67 million shares were voted AGAINST and FOR Resolution #12. There are 310 million shares outstanding. Where are the other 243 million? Where's their voice?

Finally, there has been a very large question put forward: How committed are some of Spider Resources Board members? Just for interest sake, look at how many shares they have. :)

Sincerely,

Snug