Everyone should be well aware these valuations could come in High or Low. Depending on how conservative these firms are in their work we could very well see a lower figure than anticipated. How proactive will they be in their assumptions or will they work simply on the facts presented to them? Someone commented a few weeks ago the "market" tends to settle the fair price issue better than anyone on a daily basis. Regardless of the end result of the valuations, a buyer is required to realize the prize. If Cormark comes in with a slightly higher valuation I expect to see Cliffs bump up their bid or step back from the plate and reassess the game.

On the positive side I expect T.D. will help bring a fresh bid for the company if they find the valuation encouraging. T.D. is also very well connected politically and this was a very good choice on the part of Spider management.

Plenty of bargains in a poor economy and I think this is one of them.

With T.D., Cormark, Canaccord, and KWG's new board member all working this issue I think we have about as good a team as possible for a couple of junior exploration companies. I'd go so far as to say the management teams deserve a tip of the hat for this effort.

Merely opinion,

Regards

A