Agoracom

As you all know by now the RS resolution was "SOUNDLY" DEFEATED !!...The official vote was 38 Million shares for us "NO" and 27 Million share for "yes"..remember they needed 2/3% vote or 66% of vote....they barely got 38% of the vote...

I arrived at the lawyers offices at 181 University Ave. at about 9:30 AM, and was told that the original AGM Room had been moved to a much bigger room in order to accomodate the number of shareholders present...apparently a record for SPQ AGMs...

I had the pleasure of meeting a number of posters, who I'm sure will do their own write up of the event, but I was pleasantly surprised and very pleased to meet numerous "lurkers" who generally don't post...as a matter of fact most in attendance were "lurkers"...AGM left the RS question to the very end of the meeting...In my observation the Board were stunned at the unified opposition to this RS...I will report on the questions I had for N. Novak, and Hamlin...

It appeared clear to me that Hamlin was one of the ones baking/brought forward thsi RS...When I questioned about the board members responsible, no one on the board would say exactly, but we know it was not unanimous, even thought they suggested it was...Hamlin then tried to suggest that numerous institutional SPQ investors spoke to SPQ and requested said RS, then when I questioned these "alleged" investors, he refused to provide any sort of proof, or even a name of one of these "alleged"investors, he couldn't think of one...It was paiinfully obvious to everyone in the room that this director was not being on the level with respect to the "alleged" investors, who he claims were requesting this RS, and the way he personally defended this RS, made it very clear and obvious, that he was one of the ones behind this RS...Hamlin went on to say that it was being done to raise funds from institutions... I questioned if SPQ had any problems raising funds, Mr. Novak jumped in and said..."no we do not have any problem raising funds", and we SPQ have over $4 Million$$$ in the Bank, thereby defeated this phony argument that the RS was necessary for raisaing funds...

Later most other resolutions passed, and as I say the RS resolution was left till the end....The board "looked" very nervous and fidgity, always looking back at their lawyer for direction....at this point N. Novak took over the meeting...I specifically pointed out a number of ways for SPQ to raise withou the need for this RS, I also proposed some Geological Targets for drilling, as well as the "URGENT" need for an IR person and IR program...Mr. Novak responded by suggeting that SPQ is working hard to impliment an IR program as soon as possible...

On drillig/Exploring...will commence in about 2 to 3 weeks at the FWR JV, now completiing geophysics...Diagnos claims should also be drilled before year end...and according to him the UC options agreement should be all done within 2 weeks...when I pressed further on this issue, Mr. Novak gave the response that UC has NOT earned all it's interest, and we won't know all the final percentages, until such time as all the work has been done...A suggestion was made that UC is waiting for the final options agreement is signed and sealed...they hope they sort this issue out once and for all...

I was NOT impressed with the Technical presentatiosort of mickey mouse in graphics...I asked why SPQ did/does not issue to shareholders Geophysics maps and other Geological info/data...and his response was that it was "confidential" information, even though I pointed out that the entire area surrounding SPQ JV claims had been staked already , and that it was really acedemic...His view still was that it was "confidential"

My final thoughts are...the Board most certainly got an earfull today, both from holders present and proxy votes...I am alomst ready to bet, that NOTHING as obsurd as this RS resolution will ever be brought up again, in any event we have formed an SPQ Advisory commitee to make certain shareholders are made awareof potential SPQ board actions ....I'm sure I forgotten some details , but, I'm just as sure that Snug and Yellow will post on them...

I wish to personally thank Snug , yellowknifer and the many many more posted and "lurkers" who voted NO...no matter what kind of red lipstick they tried to put on this RS pig , we were NOT fooled for a second....Again I would like to thank everyone who voted NO today, we certainly have proven that we can and will make a HUGE difference to the prospects and future of SPQ ...needless to say I am overjoyed in defeating this injurious RS especially to the smaller SPQ holders, that would have been almost wiped out by this RS...One Older Gentlemen who also attended todays meeting and voted NO, has only 6,000 shares of SPQ...I felt very good knowiing he will still have a decent change to make something....

GREAT LUCK GOING FORWARD TO ALL SPQ HOLDERS...

IMCO

JD*