Wayne Irwin (Rosseau Management) was behind the Noront proxy fight; and he's in the middle of the Freewest tussle between Noront and Cliffs. He told everyone back a year ago he'd be going after FWR. Well he was pre-empted by Cliffs, so although he's 'not going after FWR' directly, he still has 11 million shares. Clearly, he wants to make some big bucks.

Will he find his way into the future of Spider Resources? I betting that he will. Why?

Neil Novak hasn't hitched his wagon to anyone (as far as I can tell). No Cliffs (except indirectly through FWR and KWG). No hedge funds (directly). Neil must be watching this 'David and Goliath' battle with immense interest.

At this moment, I'm also betting that Noront will win the tussle with Cliffs - unless Cliffs comes up with a decent offer (let's say $2.50 per FWR share). And if Noront wins, they will endeavor to considate the ROF - which of course includes Spider Resources.

But Cliffs has made it abundantly clear that they have a North American chromite strategy. (They are not chromite experts but they have done their due diligence, and the ferrochrome market is a new - and potentially - a very lucrative one for them.) So where would they get their chromite from? Could they get it via the Freewest Option land? Or possibly from UC Resources? The picture is muddled by the joint ventures.

Either way, if Noront gets Freewest, Wayne Irwin will be looking to make some more big money at the ROF. Where will he turn to? Spider Resources?

I'm betting "Yes". Keep you SPQ shares. Buy some more. Hopefully you'll make another million with SPQ.

Simply my opinions.

Snug