I too have been following Spider since before the ROF, back when Wawa was new.

John, I trust your judgement as a geo, and I know that you have been following this play for a while. However, as a geo, you should step back and give an honest assessment of the underlying mineralization. Only the drill will tell us, as we have seen that all the electronic gadgetry we have at our disposal hasn't proven 100% accurate... yet.

Valuing of stocks is done only on proof of what is available. By saying that eventually SPQ will have a percentage of some 200 million tons is like pricing Toyota's stock on their production of autos for all the future.

I never said that this stock wasn't a great play, that it has the potential to make us all rich. However, until a 43-101 is out, or a take-over bid is tabled, where we think the stock price should be is immaterial. That, sadly, is up to the market.

For the record, I still rate this stock as accumulate.