Thanks, Joe.  The MD&A document is required reading for anyone holding SPQ shares.

Project #3 McFaulds Lake VMS Properties (Pg. 6), Sections 1.7 (Capital Resources), 1.15 (Subsequent Events), are useful sections.

Page 2 reads: 

The Company will continue to focus on its existing properties and solidify its efforts to attract other exploration and mining companies into joint venture opportunities on some of its existing properties.  New partnerships will provide the Company with the necessary capital to continue with exploration on a timely and exhaustive basis.

Management is pleased with the overall results from its operations, and feels confident of its abilities to continue to finance the exploration expenditures needed to develop its projects. However, if the Company is unable to secure such funding in the future the lack of funding may jeopardize the Company’s ability to pursue its exploration plans.

The last sentence recognizes that Spider Resources is an exploration company, and as such, makes no money.  It is totally dependent on the issuing of equity to raise capital for exploration.

Snug