hi Lar,

at the last AGM it was verified by both the financiers and spq that the delays in pp were due to spq wanting to wait and see if spq would appreciate in share price a bit more.

it did not appreciate ...so finally they accepted a first pp of smaller amount

when that is used up ...there is plenty more to come ..the idea is that why not proceed with a first installment, and see if the price appreciates meanwhile ...the statagy it to do the financing as we need it ...in several stages. there is lots of money available for spq ...we can have it on demand ...all of it however, ...why do it all at once when the price is so low.

this spq is famous across canada for weakness and day-trading and digrunteled shareholders for the way they have been treated over many years.

i do not beleive that you can assume the same reaction with our spq to a reverse split, that you might see in other companies.

i could be wrong ...obviously :)) ... but i for one, will not take the chance. my shares will not remain through this process. never.

if i hear a peep out of management that they will bring forth the pp idea again ...and ofcourse the subsequent revolution from shareholders... i will sell all that i have left

and i am one happy camper that i re-arranged my portfolio to NOT primarily... once the writing was on the wall for me ...that spq had given up way to much in ownership to UC. ...it was the only thing we had left of sizable percentages ...after-all, what-ever we find in the fwr option, well fwr get the majority of that ...now it looks like atleast 50 %.

we will never run out of financing ...that's not our problem ...we have the real-estate.

its like owning 20% of the farm ...and this 20% is worth a lot more than our market cap ...the bankers know this ....so does cliffs ...and the shareprice should be higher ...but investors just see better percentages in NOt and FWR and uc ...this is the bed that management made for all of us.

eventually the value of what we have as verified in further drilling and a 43-101 will reflect in the market cap...

meanwhile, shareprice can evolve on it's own. ...i beleive that road is one of integrity and less risk.

if not, well i can only say i tried may best on behalf of all investors ..i sure will not take the risk as i have outlined.

there may be others like yourself who will allow their shares to be split and see what happens. but not me.

after almost 20 years that would be my 'complete' exit.

who knows i might buy back in ....perhaps after it tanks once the split is done:))

if it did not, and hit the moon ...then so be it! i own FWR and UC and therefore would own a larger percentage in any event, and of what ever we might find.

the ownership of spq will always be simply a 'real-estate' investment now.

steady as we go !

i think it best not to create any more volitility through unnecessary waves and possible huricanes.

cheers lar ....danny

when they do our BNN SPOTS ... i hope it is up front about ownership breakdown with all our partners ...uc and fwr ...otherwise, it's too misleading for unsuspecting investors ....and that always backfires