As much as I would like to think this latest news release will push up the SPQ share price, it is unlikely to happen (I hope I'm wrong). The news of more chromite is good, but it's not likely to capture the imagination of the press. However, it adds more weight to the likelihood of a chromite mine in the James Bay Lowlands.

Below is a quotation taken from the news release. It is what I take as important.

First, it confirms that a 43-101 with the focus on chromite will be completed by a world recognized consulting firm (Micon International), which has chromite expertise.

http://www.micon-international.com/m...

Micon has two offices in Canada: Toronto and Vancouver.

As mentioned by Neil Novak (in my previous conversations with him) there are ongoing activities on the Freewest Option parcels which will yield important data to go into the 43-101: activities like line cutting, ground geophysical surveying, re-logging of old core, and infill sampling (i.e., a few more drill holes) in zones of weaker chromite mineralization. Neil has been good to his word on this.

Finally, note the last paragraph here (in bold):

"Crews mobilized to the field on January 8th to resume the linecutting program in preparation for the 2009 program, details of which were announced December 15th 2008. The current approved phase of exploration includes: line cutting (re-establishing a 2004 drill grid - the J grid - including extensions thereto), ground geophysical surveying (including magnetic gradiometer and gravimetric surveying), re-logging of historical core to standardize lithological units, infill sampling of zones of weaker chromite mineralization, as well as the preparation of a NI-43-101 technical report on the project. The preparation of this NI 43-101 report was awarded to Micon International Ltd. a world recognized consulting firm, with expertise in chromite deposits, the geologist assigned to this has recently visited the project site as required during Micon's review of the project.

Future plans, yet to be approved by the Joint Venture committee, include the continued exploration of the project by extensive diamond drilling to delineate and to continue to expand the resource potential of the Big Daddy Chrome Deposit."

It is Neil Novak's intention (and it has been all along) to do more drilling on the Freewest Option lands. But Spider Resources does not have the money to do this at this time. More exploration money will need to be raised in 2009 to complete this project through more extensive drilling. But Neil will only do this when the share price has appreciated considerably. What the share price would have to get to is - anybody's guess.

It is clear (at least to me) that Neil Novak has a vision. There is no doubt that it would have been really nice if Spider Resources had some 100% owned land. But, as has been discussed numerous times on this Agoracom board, Neil Novak was prospecting in the James Bay Lowlands long before anyone else. And to raise money for Spider Resources was difficult. So the outcome is that SPQ has joint ventures with UC, FWR, and KWG. That's history.

But Neil is a smart prospector. He certainly knows his geology. And for the investor in SPQ, there's something else which is important. He continues to buy shares in his company. Sure he gets a deal on this price but he's still doing it. He wants to get "stinking" rich just like you and me. Moreover, he's also buying Noront Resources shares. Another smart move.

So the Ring of Fire is not like the ill-fated ship the Titanic. Neil Novak, who has a vested interest in SPQ and NOT, wants this project to succeed. Is he prescient? I don't know. But I do know he understands a lot more about geology than me, and he happens to be on the inside of a lot of what's going on at The Ring. Two reasons why I continue to like Spider Resources.

Simply my opinions and not investment advice.

Snug