So let's say that Cliffs wants in to Spider Resources:

1) Will they offer a cash deal? If so, how many cents per share?

2) Will they offer Cliffs' shares for (?) number of SPQ shares? Can Cliffs afford the dilution?

3) What if Neil Novak splits off a chromite company with shares (some ratio) for each SPQ shareholder? Would you sell your chromite company shares to Cliffs and keep SPQ? If so, what price would you want for the chromite company shares?

4) What of Cliffs wanted Spider Resources 'lock, stock, and barrel'? At what price would you sell your shares?

Just some questions. And there are probably numerous other scenerios.

Spider Resources will be sold, and most certainly before the next AGM in June. But note, many people still have warrants at 17 cents and perhaps above. And I think there are also many options out there. It will make for some interesting decision-making for us all including the SPQ BOD.

Snug