Hoov:

As always, I enjoy your cogent discussions on the chromite issue. Well researched; well considered.

Spider Resources is, of course, in the middle of the chromite discussion. Over-shadowed, perhaps, by the Freewest with its Black Thor & Black Label finds; and over-shadowed by KWG with its aggressive chromite business strategy, which includes Canada Chrome.

A couple of things come to mind with regards to Spider Resources' future:

1) What is Cliff's real intention with regards to chromite? There have been a lot of guesses. But we really don't know. I think we can say that they've not invested in the ROF on a whim. Chromite is obviously in their gameplan. So that is good for SPQ (Big Daddy) eventhough Neil Novak would like to see some more bidding by other majors.

2) Neil Novak and Spider Resources BOD has wanted all along to find other important mineralization. To this point in time they have done so even if it is only a tantalizing tidbit e.g., PGEs (2006). If another large find of PGEs was located, I think this would be gamechanger for Spider and the ROF. But it's a big IF.

In the larger schema of things, be we talking about chromite, PGEs, or nickel, there are three timeframes that Spider Resources is part of (whether they like it or not). The 'short' timeframe - Noront's bid for Freewest; the 'medium' timeframe - the winter drill season which includes the drilling at Big Daddy; and the 'long' timeframe - all the political and technical activities in 2010 and beyond.

Finally, I think to have a position in Spider Resources is smart. It's seemingly a bit player; it's a longshot; it's the poorest (moneywise) of the ROF players. But it's in the middle of it all. Squarely in the middle of it. And Neil is connected.

SPQ? High risk, yes. High return - just could be.

Snug