From today's MD&A:

"Under the terms of an agreement with Freewest (see press release December 19, 2005), Spider and KWG must spend an aggregate of $3 million on exploration over a four-year period to earn an initial joint 50% interest in the Freewest Option property. They may earn a cumulative joint 60% interest in the property by delivering a bankable feasibility study on any mineralization identified, and subsequently a cumulative joint 65% interest by arranging financing on behalf of Freewest to put the property into commercial production. At present, Spider and KWG have earned an initial 50% interest in the property by jointly expending a total of $3 million as announced on January 16, 2009.

On March 27, 2009, the Company negotiated an amendment to the Freewest option agreement whereby the option earn-in calls for a $15 million, three-year commitment. As a result of this amendment, the Company no longer is required to prepare a bankable feasibility study within 18 months, as had been called for in the 2005 agreement, upon successful completion of documentation evidencing such amendment and the receipt of all required approvals. Under the amendment, Spider would have a $7.5 million commitment over the next three years, of which $2.5 million would be required to be spent before March 31, 2010."

So, if I understand it correctly, in order to get the extra 10% interest i.e. from 50% to 60% (SPQ and KWG combined), the partners are willing to spend an extra $15 million. This means they must value the property at more than $150 million. As at March 31 SPQ had $2.6 in cash. It is raising a further amount through the flow through offering announced in April.