With regards to my conversation with Neil, I wanted to add specifically that I did in fact ask about SPQ 2009 drilling plans. Moreover, I wanted to understand exactly how the new money from the latest flow-share issue would be used.

This new flow-through monies will be used to hire an international contractor to complete a 43-101 based on the 2008 drilling program on the Freewest Option ("Big Daddy" chromite). The contractor will have top-notch experience with regards to the mining of chrome, and the marketing of chrome. Further, the contractor will also have the same excellent understanding of PGEs.

Spider Resources will undertake to get a grid organized for the purposes of further gravimetric testing, which specific to chromite, will help further define the extent of the deposit. The contractor may also ask that a further 1-2 drill holes be completed in order to get "undisturbed" full core drill samples (i.e., 500 lbs worth). Core samples will be used for further metallurgical testing, which be used for data in the 43-101.

A new drill plan for 2009 will be formulated and acted upon should 1) the SPQ share price rise due to a better economic climate and investor sentiment, and 2) a private placement is completed at a more realistic share price level.

At this time Spider Resources has over Cdn$3 million in the bank. This money is intended to maintain the company and its large land holdings in the Ring of Fire through 2009.

Snug