Wishing...

I will assume that you listened to the Noront AGM today.

On balance, I think things went as well as could be expected. Many shareholders will be disappointed that there was no vision as to future exploration of the ROF. But this might be considered natural given the difficult proxy fight, and the brand new BOD. They are the ones who will provide the exploration "road map" going forward.

Neil Novak is staying on with Noront... in some capacity... perhaps the same as before. I think this is good. I'm saying "good" not "excellent".

He's probably between a rock and a hard place with regards to Spider Resources. If he left (or leaves) Noront, he will be adrift of the insider position he has in Noront - and Noront is still the 800 lb. gorilla of the ROF.

The assumption after Noront's AGM today is that they will go to bat to get a "major" player involved. When this happens, the landscape at the ROF changes once again. From Dr. Jim Mungal's presentation at the AGM, it is clear that NOT, SPQ, and FWR are sitting on some pretty impressive real estate.

As investors in Spider Resources we are "betting" on the resouces under this real estate to be of significant value. I think the peturbations and rumblings coming before the Noront AGM indicate that this belief is also held by the new BOD and management of NOT.

Neil Novak, above all, I believe continues to feel strongly positive about the future prospects of Spider Resources and the ROF.

IMHO

Snug