RL:

I didn't get into drill specifics with Neil. But our discussion made me feel very comfortable that he's had time to review the EM data very carefully, and that he will hit the high priority targets. What those targets will be I really don't know. The upcoming NR may have more details. Otherwise, I will query Neil later.

However, I'm certain that both SPQ and KWG don't want to waste a penny and my guess is that the focus will be Big Daddy. From what I can remember the main footwall transits through the property and Big Daddy is part of it. Chromite will obviously be found; but hopefully some illusive PGEs will be encountered along with some other surprises. Maybe even nickel!

Your comment on the amending process for the JV is spot on. It has taken a lot of time and effort. Issues came up around the original 'feasibility study' and Mac Watson clearly wanted to work out something with his partners so the work could continue. So everyone dug in (accompanied by their lawyers and Cliffs' people) and came up with an agreement that everyone is happy with. In my estimation it bodes well for the future.

Finally, I should note that Spider Resources will continue as the 'operator' on this JV.

All IMHO.

Snug