If you are a new investor, have some cash, and have no investment in SPQ, - BUY;

if you already are an investor, have some cash, and have some SPQ shares - ACCUMULATE;

if you already are an investor, have no cash, and have some SPQ shares - stay patient, and HOLD.

2009 is going to be a challenging year not only for Spider Resources, but also the world. There will be no quick fixes. Moreover, until the USA rights its economic ship, and China begins growing strongly, no one is going to make a fortune at the Ring of Fire. IMHO

SPQ is very cheap at 5 cents; but if no one is looking and if no one with deep pockets cares, it's going to stay cheap for a while. Maybe not 5 cents, but it won't make 20 cents or anywhere close to that until later in 2009. (All bets are off if NOT or FWR hit something big - which would be excellent.) IMHO

But the Ring of Fire has immense potential. And that potential is the subject of much gnashing of teeth by investors on many of the Agoracom boards. However, those SPQ investors with some "vision" will continue to do due diligence, get in cheap, and wait patiently for "payday". Remember, there is at least one large institutional investor that will invest in Spider Resources, but probably will only do so when economic conditions get better and the share price is more elevated. So it's not only retail investors that want to make some good money.

Also remember that SPQ management needs to hear from its investors. Although it's being careful with its humble resources, it is forging ahead with an important "chromite focused" 43-101. We need to know how it's progressing. It should be out before the next AGM to be held probably in June 2009.

Whether it is or not, we need to have good representation (i.e., lots of retail investors) at that AGM. We also need to have a close look at what the Board of Directors is doing for us. For example, the company website needs work. Any dead wood (and there is some) needs to be trimmed.

I will be going to the Cambridge House conference in Vancouver this weekend (with GoWest), and will be reporting back as I have done previously. Noront and Freewest have display booths at the conference, so I will be dropping in on both to ask questions about chromite, PGEs, drilling, etc. Noront also is part of a workshop on Sunday at 12 noon, and I will try to get to that one.

Finally, 2009 is going to be a real challenge for all investors. For SPQ investors, the focus will be on the completion of the 43-101. However, when the market starts to really turn up in (let's say) October, make certain you have a good position.

All IMHO

Snug