Just got off the phone with Michael White (VP, IBK). I wanted to follow up on his Noront "dog & pony show" to the USA. I'm including this information on the SPQ Hub given Richard Nemis' "area play strategy" which includes Spider Resources.

Michael said that his trip to New York went very well. (He was going to go to Boston, but that trip will happen in the new year.) Basically everyone he chatted with in New York is looking for more information. They want information in the form of a sponsored research report with the most up-to-date maps and drill results. So a report will be researched and written by a 3rd party. Everyone is eager to get the latest data on Noront and McFaulds.

I think that the bottom line is that "everyone" means us on the SPQ Hub too. Remember, the fact of the matter is all of the McFauld's data which we have is just scratching the surface (no pun intended): we're just on the cusp of getting the first phase of TDEM data; we're getting some NOT drill holes but still waiting for others; and numerous other juniors including SPQ are drilling or about to drill. There's a ton of info yet to come.

Michael said that he will need at least another three days in the New York and Boston area in the early new year. Then it will be off to Asia. I think that once the new research report is out, he will have lots of terrific data for presentation purposes.

By the way, IBK is very pleased with the latest Noront NR on drill results (the grades). IBK, like everyone else, is looking forward to the assay results for holes #17, #18, #19. The assay lab has indicated that it should have the data to Nemis and Noront before Christmas. But of course, we're prisoners until the release of that data.

So to my way of thinking, until even more substantive data is available, SPQ will trade in a range of 10 - 12 cents. It's tax loss selling season, volumes are low, and news about subprime mortgage mess lather the airwaves. However, I do not believe that the Grinch has stolen Christmas. There's going to be an SPQ present under every investor's tree.

Snug