I chatted with Neil today. I like this guy. Others may not; I do.

I have some good news and some bad news. The bad news first - the share price is not going to double tomorrow. The good news is that you're not going to lose any more money. At least not tomorrow. Sorry folks. Spider Resources is not for the faint of heart.

I asked a bunch of questions (yeah, yeah, I know OJ - I didn't ask the right questions) and the bottom line is that Spider Resources has about $2.8 million hard cash. Cash raised by private placement. It can be used for anything including drilling, and not going dormant (a little nest egg, a little buffer).

I asked about the Freewest Option JV. Neil knows what he wants to drill. A nice big fat juicy gravity anomaly (do I smell 'nickel'?). But he needs a ton of drill holes. He's got a plan. But does he have the money?

I asked about the UC JV. Neil has chatted with Jim Voisin and knows that Jim has some winter 2009 geophysics results - but Neil hasn't seen them yet. Two consultants have looked at them including Hogg Consultants, which is the company Neil likes to use. Neil believes that Jim is going after more financing in order to do a lot more drilling.

I didn't ask Neil this question but I'll put it out to the SPQ investor who reads this forum. How much money do you think Neil needs to support his obligations for drilling both the FWR Option JV and the UC JV? How is he going to get the money and at what price? (No, I'm not blind and dumb, OJ. I know the answer.)

I asked Neil about the upcoming AGM. Anything special happening? I was digging for some idea as to whether 'you know what' might be coming. He said it isn't.

(By the way, he told me 'point blank' that he doesn't read this forum. But his sister-in-law does. Honest.)

Finally, and this was the most interesting part of the discussion. Neil believes that the exploration of the ROF needs a character, someone who has 'vision' and a 'focus'. He believes eventually something must happen at the ROF in the way of a merger(s) or consolidations(s). He gave no hint as to when, how, or with whom. But it will happen.

He mentioned the latest Noront luncheon with regards to potential consolidation. There was a great deal of tension at that luncheon. Noront wondering about Freewest wondering about Spider wondering about KWG wondering about. . . Cliffs. Noront, in particular, is wondering about Cliffs. What are their true intentions? Very, very interesting times.

You can phone Neil at 416-367-1444 if you have more questions. Mention that you're a private investor and want to talk about Spider Resources.

Snug