Hi Mark,

From Damien Lowry,

The option agreement has been ratified and fine tuned over the last several months. There are no surprises and we have agreed on a final draft with SPQ, only minor adjustments have been made (nothing to do percentage of land position etc). Spider, due to the nature of their agreement with KWG has the right to option the Mcfauld’s project, which they did with UC, the letter of intent is binding, the contract that SPQ and KWG have is binding, and we expect that the option agreement will be signed soon. UC has met of it’s obligations in this regard, SPQ is very well aware of that. As soon as the final draft is signed you will be notified.

If you have any further questions, kindly let me know.

Regards,

Damien Lowry