A JV with Noront is always a possibility. However, a JV generally requires one or both parties to spend money, one of the parties to be the "operator" of the JV project, and the identification of "earn-in" percentages for the operator.

So here are the questions:

1) How much money does NOT and SPQ have in the bank? We know SPQ has $4.8 million while NOT probably has around $40 million (although their burn rate must be substantial at this point.)

2) Who would be the operator?

3) What percentage would the operator acquire after spending the required money?

All of these are interesting questions. However, one thing seems clear. Spider Resources does not have enough money at this time to JV with Noront and be the operator. Any other arrangement (e.g., Noront as the operator) might really compromise Spider negatively.

With so much happening at this point at the ROF, plus Neil Novak's close relationship in the offices of Noront, I don't think it's going to happen - at least not this year.

Moreover, I think Neil's focus on the Freewest Option drilling (the JV with FWR and KWG) will bear some very nice fruit. As noted previously, patience will be required.

My very humble opinion only.

Snug