The spectre of a reverse split for spq has been raised a number times over the past four years. I remember a time when even the mentionof it would have the writer face a litanny of unprintable comments from numerous spq supporters and those in the forefront would always be the ones closest to NN . My how times have changed.

Here are my thoughts on the topic.

If you track reverse splits over the past few decades you will see a pattern emerge that will show you that after the initial euphoria of a spike in price the SP invariably tracks lower and eventually ends up back to the original price or lower. This doen't mean that money hasn't been made especially by the institutional investors. The bod of the company will then seek to go the PP route and the cycle tends to repeat itself. In the meantime the retail investors have been, for lack of a better description ,raped and pillaged.

This latest PP is on offer for around 5-6 cents a share, do we seriously think that they will attract any $$ if there is the possibilty of a RS in the near future ? My gut tells me that tis latest PP venture will not succeed and that we will then see a RS on the table for the next AGM, I believe the difference this time, will be the quantity. They know that a 10-1 RS is not palatible but would we accept a 5-1?

None of the above is new to Neil, why do you think we ended up with 300mill + shares in the first place. He knows he needs $$ for drilling, he knows he only has limited ways to raise capital and more importantly he knows that somewhere on SPQ's massive landholdings in McFaulds lies a motherlode, and not just chromium.

In my opinion the bottom line for SPQ is a RS, followed most likely with a PP,and for us , the retail investor, we will most likely have little choice, we can only hope they make it palatible. Then hopefully a major will be around and SPQ will get rolled into the buyout.

JMO

GLTA

Joe