Agoracom

Date: Mon, 23 Jun 2008 00:08:24 -


SPQ Resources

Attention: Mr. Novak

By Fax-416-815-1355

info@spiderresources.com


Dear Mr. Novak:

Further to our discussion at the AGM on June 19th/ 2008, enclosed please find excerpts from NOT NR dated May 27th, 2008, which I referred to at said AGM. Enclosed also please find a copy of the North West anomaly I referred to in the first SPQ jv’s claim, # 3012253. As explained this anomaly is precisely positioned to the northwest of our 2 anomalies , wich contained Chromite layers + PGEs, which you described as similar to NOT’s E2.

When we apply the NOT conceptual Geological model, it suggests that said enclosed anomaly may in fact represent a conduit or trap for an E1 like PGEs, Ni, Cu deposit . Said enclosed Anomaly , Geophysically, and in structure/position is almost identical in magnetic intensity as E1, , as well as being an isolated roundish bulls eye leading into a magnetic depressive area, exactly like E1..

I truly hope that we get an opportunity soon to drill this spectacular looking Anomaly, especially because of the incredible similarities to NOT’s spectacular E1, PGEs, Ni Cu deposit, and the incredible similarities to the New NOT/FWR jv Anomaly recently discovered.


Yours Truly:

JD*

JohnDefur

SPQ Resources Advisory Committee



Excerpts from NOT NEWS May 27/08

Noront management feels that the drill results obtained to date at Eagle Two are consistent with the conceptual model it has developed to date, which would suggest that there is potential for the discovery of another Eagle One - type deposit, as the Eagle Two mineralization is traced northwestward into a possible feeder conduit.

The RFI is thus situated between the granodiorite on one hand (footwall) and the surrounding Sachigo Greenstone Belt rocks (hangingwall) on the other. The RFI is magnetically distinct allowing it to be traced more or less uninterrupted, for tens of kilometers along the granodiorite margin. It appears that a series of conduits cutting across and through the granodiorite have acted as feeders to the RFI.

As would be expected under the conceptual model, on-going drilling by Noront and published results from other junior companies working in the area, suggest that the layered chromite mineralization is likely to be confined strictly to the RFI, while the platinum rich Ni-Cu sulphide mineralization appears, at least at this stage of exploration, to be related to the conduit feeders, localized in pools or traps.


Noront management feels that the drill results obtained to date at Eagle Two are consistent with the conceptual model it has developed to date, which would suggest that there is potential for the discovery of another Eagle One - type deposit, as the Eagle Two mineralization is traced northwestward into a possible feeder conduit.