Neil gave me a call today replying to a voicemail I left him last week.

There are four important points I want to relay to SPQ investors.

1) The upcoming AGM is really important. Neil mentioned that the input from last year's AGM on a shareholder's rights plan was heard by the BOD. That's why the SPQ investor now has such a plan. So the BOD listens to input, but needs more. (Remember the SPQ website discussions: clearly a new one was created; but certainly needs updating.)

Further to this right's plan implementation was another discussion with Neil about the potential for a takeover of Spider Resources. Neil and the BOD have had discussions with potential 'suitors' some looking for a % interest in the company. The BOD believe that the company is a takeover target. But Neil wants some bidding to take place. The term white knight was used during our discussion.

2) Neil's employment with Noront was an employment contract. It was honored fully but Neil knew that once a new CEO for Noront was named, he might not have a new contract. That was the case. He was seen as 'competition'. I asked Neil if he has met the new Noront CEO. He has not.

3) The Freewest announcement of the buy-in by Cliffs was a surprise. With regards to the Freewest Option, Neil worked last weekend with SPQ's legal counsel on a new agreement with FWR & KWG. Something new is coming down the pipe but Neil couldn't tell me anything about it. I asked if details would be revealed at the AGM. He said only if it had been signed by the other parties. By the way, KWG is putting some pressure on SPQ with regards to drilling. KWG has some money, SPQ hasn't much. KWG is obviously no longer a diamond focused company. I should also note that work with IBK Capital on the private placement continues, but it seems many investors want warrants too.

4) Neil did mention the idea of a shareholder rights offering of shares. But he would like to see something like $10 million raised. Retail investors would get a shot at shares before anyone else. But he also mentioned this in the same breath as an RS.

So you can see there are many things that can be discussed at the AGM. I hope a lot of investors in and around Toronto will try to attend.

Snug