I took some time today to chat with Neil. Always very interesting discussions.

Before I get along too far in relating what he had to tell me, I did ask him about a potential "reverse split" - he laughed. So you can too. Just thought I would mention it. As I said, discussions with Neil are always interesting.

Clearly his guffaw meant more than "no". I can't read his mind, but he obviously thinks that the time for such maneuvering has moved on. Larger things are at work.

ROF STUFF

Neil is looking forward to KWG taking over the "operations responsibilities" for Big Daddy (ends March 31/10). Jim Burns (Neil's geo up at the ROF) deals with day-to-day things e.g., interfacing with MICON folks identifying where to set the next drill bit, etc.. At this time 4000-4500 meters of drilling needs to be completed to get the "drill hole density" needed for Big Daddy (BD) definition. (When the MICON study first came out the size of BD was significantly smaller than it is today.)

I asked about PGEs and BD, and Neil said PGEs (1+ gms) cover numerous sections of BD but isn't consistent since BD is a complext geological formation. The rest of the drilling will help define the PGE picture.

Winter drilling at the ROF and BD will be mobilized shortly. By the sounds of it, freeze-up in late fall was 'a bit of a pig' with very bad weather (rainy). The drill crews had a rough time of it.

Finally, the JV with UC Resources is pretty quiet. As soon as I sensed this, I didn't ask much more. I get the feeling that everyone including Jim Voisin are waiting for the Freewest-Cliffs thing to settle out.

NON ROF

I asked about other projects like kimberlite projects. Neil was somewhat coy. His answer was related to "plans" after March 31. I suspect he and the BOD have have something up their shirt sleeves.

RECENT PRIVATE PLACEMENT, INVESTOR CUBED, MINERAL FIELDS

Clearly mutual fund managers are now interested in the Spider Resources' story. Mineral Fields (Joe Dwek) is an example. Four or five of the funds run by Mineral Fields bought flowthrough shares in the recent PP. Neil, in fact, had to cut them off because of TSX rules.

With regards to the promotion of Spider Resources, Neil told me that IBK had done a good job, but he wanted another IR group with more energy and new clients. So far he's happy with the work that Investor Cubed has done. And Neil wants even more work done in the area of investor relations. He clearly wants to "sell" (i.e., more promotion) the merits of SPQ, and get the share price bumped up for the investor. (That's why he has Jim Burns running the show at Big Daddy.)

FINAL THOUGHTS

I think March 31 is an important date. We'll know the outcome of the Freewest-Cliffs blossoming "menage a deux". I'm betting that the "hedgies" will vote "no" along with most of the retail shareholders. So where will that leave Black Thor and Black Label? Will Big Daddy hold enough chromite for Cliffs? I'm betting "yes". So then the SPQ shareholder will have a say. Will Neil sell just his percentage of BD, and take the proceeds to build a bigger and better Spider Resources?

Should be interesting.

Snug