Old Joe Posts:

"Maybe there is not a lot us Retail Investors can do to move the SP to the levels it should really be at, regardless of the Global Financial MESS, etc., but to simply say "I Accept what I see happening" is not necessary either. Try doing something about it is a more pro active approach.

And I do hope and wish our BOD is working diligently on our behalf to do exactly that. Though the recent (8 - 10 months) experience is telling something somewhat different.

More Corporate Level Communication would go a long way in minimizing any negative impact this silent behaviour is creating. Retail Investors WILL Stay Away under these recent Corporate Level conditions."

SNUG Posts:

"I still believe last year's campaign was required. Furthermore, I believe that the R/S motion at that AGM was ill-timed. An 8 cent share price then would have gone to 80 cents and back down to where it is now. IMHO

But a lot has happened at the ROF between then and now. So I put the question to you: Is it time for a reverse split?"

HOOV Posts:

"When I was talking to Neil, he was in favour of getting permission to do one. When and if the market factors were right, he would exercise the option to do so, if shareholders would grant him the opportunity."

Notie Girl Posts (and Spurt states essentially the same sentiment):

"Most reverse splits do not work, it is like putting lipstick on a pig. The market cap is the same and I do not see how anyone can think that it is a better investment."

SNUG Follows Up with:

"I think your comment about 'lipstick' is generally true. However, I would like everyone to ponder whether SPQ is a 'better investment' now vs. last year at this time. ...

... A gutsy RS move to 50 million shares outstanding might put a chunk of change in the bank for more drill bits and exploration. In fact Neil could pull the present PP and issue it at a greater premium and reduce any dilution.

(I wonder what KWG would think of it? :)"

Now my thoughts:
Seeing as I rather seek pro active approaches to improving our situation as opposed to always simply opposing/supporting a situation, I have to look at the above essence of the past/present debate on doing a Reverse Split (R/S).

First off, I do feel we came to the right decision last June(???) and had the R/S occurred then we would be looking at a SP much lower than the Equivalent of ~$0.35 NOW. The work on Big Daddy may well have supported our SP by now but likely the SP would still be lower than the ~$0.35 in any case. But not due so much to the current suppression all on it's own.

As Hoov stated: "When and if the Market factors were right" is very much the situation, and we deemed last June to not be the RIGHT TIME. But are the Current Market Factors right now? That is a big Problem to work on. I agree with Snug that "SPQ is a 'better investment' now vs. last year at this time". But again, Are the Market Factors Right NOW?

And this is where OUR BoD has fallen short on us. We do not have the level of communication needed to have the Best Sense of what MAY BE the Best move for them to take. In the mean time SPQ's SP is being kept much lower than it otherwise should be, GIVEN what has been proven up in the Big Daddy Deposit over the past 8 - 10 months.

As Snug suggests "I wonder what KWG would think of it?" I would like to know. And maybe we could find out more from KWG than we have from SPQ lately. (LOL, not really???)

The Question I have that may assist ALL of us in considering anything at present on any NEXT STEP is: Why do we need to do this PP now? To help on this we need to know How Much Exploration OVER AND ABOVE that Recommended in the MICRON REPORT Budget will actually occur, and by when. And who, under the Private (as in it's being unreported to us) NEW Agreement has to Fund this Micron REPORT Budget for Completing the Needed Exploration. And when will the Budget Costs be settled between the two parties (SPQ & KWG)

Seems to me that with out this most basic Information, we can not make any decent decision(s) on what MAY be the best course of action on either the proposed R/S and it's Timing, let alone considering doing a PP in advance of any such R/S.

Maybe the Best Course of action for both SPQ and KWG, given the current Market Conditions, should be to do ONLY that which is necessary to earn the Final Stage in the JV agreement with FWR. And to do that it sure looks like the remaining Costs to achieve the Requirements are well under the amount SPQ is seeking to raise in this proposed PP.

As for doing a R/S, we all knew last year that this would be a desired thing sometime in the Future. But not at this time in that Future. Complete the needed work to fulfill the JV Requirements and at the lowest Cost Possible. Then see if more Cash needs to be raised to hold on until the JV Property Development Considerations are finalized. That wold be the Right Time to do a R/S.

Bottom Line: SPQ BoD - Inform Us! Life will be much easier then. For ALL Invested in this Company.

Old Joe