Good to read someone else is looking at and thinking of some of the considerations/thoughts I have with respect to this current SPQ situation.

I too, regardless of what was posted a few weeks ago by Snug and JDF, have read the NR's from SPQ carefully and came away with the feeling that they were attempting to make the DATA in hand worthy of developing a NI 43 - 101 but it's assurance would be contingent the Micon's Chromite Chemical Study results along with Drill DATA Modeling of what has been Drilled to date. And the impression I took away from this SPQ suggested approach/AIM was that very likely they could come away from the EFFORT with some very good ORE/Deposit Modeling DATA as well as direction on what needed to be accomplished in the near future to ALLOW for the completion of a robust NI 43 - 101.

Thus, more drilling!

On the other hand, with respect to the JV agreement and Plans for continued Exploration, there has been no word from KWG, as 2009 Operator, on what Exploration Plans have been finalized.

With this, and with the raising of Cash by KWG via the Cliffs Oprion, I assumed KWG was now willing to greatly increase the intensity of the Exploration Program which would include a much larger number of Drill Holes being Drilled, to sure up the existing Deposit for NI 43 - 101 purposes, as well as to Expand the size (length and depth) of Proven Mineralization.

The problem is, with me at least, is the Fact that SPQ ALREADY Has the Cash on hand to cover ALL their JV Commitments for this Year. To need more Cash to cover a much greater Exploration Plan KWG would definitely need to raise much more Cash than they currently have, the Cliffs Option Cash included.

I will not speculate on what alternative arrangements KWG may or may not have in place, assuming the Cliffs Option goes through - as it seems sure to do, but with the proposed PP by SPQ I would have to guess that the 2009 Exploration Plans agreeded to (but still unannounced) MUST be vastly greater than anything we have seen to date.

With the Cash raised by the SPQ PP Proposal, if mostly all intended to go towards Exploration work on the "Big Daddy" Deposit, according to the JV Agreement (as I understand it to be - baring changes made last year due to the extensive/intensive discussions/negotiations - the results of which are also not announced) KWG would have to have Much Much more Cash available to carry out such expanded Exploration Program.

And if the Exploration Program was to increase in size by an amount reflective of the SPQ PP Proposal along with EXISTING Cash on hand, the FWR/SPQ/KWG Exploration Program for 2009 would easily rival if not surpass that of Noront Resources.

All the above to consider even with out looking at Company Control Issues!

Old Joe