The meeting yesterday was very useful and instrumental in giving us an analysis of Spider's position in the ongoing RoF scenario. Neil conducted the meeting and answered all the questions.

The presentation and overview of projects was as expected - all drill assays are in so there isn't any news pending from that area.

A large part of all discussions was centred on the need for financing and the possibility of a buy-in from an interested party. Spider is apparently not on Cliffs radar at this particular time. There have been some discussions but it would appear that Cliffs emphasis is on their arrangements with FWR and KWG.

As has been said by others, negotiations are under way with Spider's jv partners to adapt the agreement and this is a work in progress. Nothing has been finalized yet. There was considerable debate on getting financing underway and of course the current share price is not helping matters. However, Mike White of IBK appeared quite confident in their ability to raise funds and in good time to allow Spider to move forward with their plans.

Another issue which was discussed was the matter of Directors of the company not holding any shares. Prior to the meeting, I had asked within the community about this and was told that it is a very common situation. In fact, it seems that listing on the TSX requires that at least 2 of the Directors must be independent. This allows for unbiased decision making. And yes, the BoD was re-elected.

The next few months will be very interesting. Neil and his BoD will have a number of very strategic decisions to make going forward but the opportunities are there, the anomalies will be drilled and Spider has the goods in the ground.

It was great to see everyone yesterday!

Irish