Spider Resources

First of all very good start this week in both KWG&SPQ, looks like we will have great week. And here is that post:

Here is the letter to OSC as promised...Please sign it with all your Information, and send it as soon as possible, to the address above said latter, either email or fax...Every single SPQ holder and his friends acquaintences, should in my said a signed copy as soon as possible...i will have alot more to say to shareholders,about this RS nad how very very important it is for us to defeat this proposal, that could eventually steal most of our current sharholders, with this 10 for 1 RS...

I will also provide a contact and email etc, contacts forthe TSX...I would also like to discusss, what other organizations to send this letter to like BNN, newspapers etc...JD*

Monday May 3rd , 2010

Mr. Jeff Fennell

Ontario Securities Commission

BY Fax-416-593-8122

BY Email- inquiries@osc.gov.on.ca attention Mr. Jeff Fennell

Dear Mr. Fennell: RE SPQ Resources listed as SPQ TSX.V

I am writing to you again, with a very serious complaint, which many shareholders believe is illegal and should be investigated as soon as possible, as the inadequate amount of time we shareholders were given.

In June of 2008, at the AGM, SPQ shareholders were asked by the BOD to vote on a resolution for a Reverse Split of up to 10 Old for 1 New. At the time SPQ shareholders voted overwhelmingly to defeat hat 10 for 1 resolution . We understand that it would/could take at LEAST 50% of current shareholders interest if this10 for 1 resolution is approved.

SPQ BOD has a history of issuing Millions in PPs, only to have SPQ stock, trading back where it began. SPQ BOD has said that eventually, it would raise Tens of billions of dollars with this 10 for 1 RS, and we shareholders, will be the ones losing our interest in this Huge Deposit.

SPQ has admitted, that it will NOT need moneys, for at least 2 years, since in order to complete their spending on this optioned claim, it would need about $4 Millions, which it has in the bank, with money it just raised. In addition, SPQ does NOT to spend any more moneys on all it’s other claims, since they have been optioned out to UC Res., and Renforth Res. Also, SPQ has tens of millions of outstanding warrants, owned by the BOD, and these previous PPs, which can excersized ay a rather low price, and so more moneys could be raised in this manner. To conclude SPQ does not need any new PPs to complete their spending, of about $4 Millions dollars, in order to earn their full 30% of the mBig Daddy Deposit, SPQ now owns about 26% Interest in said Huge Deposit.

Our main complaint, is that SPQ BOD suddenly ,and without proper notice, for their own motives, are now bringing back this very same RS up to 10 for1, claims that it will bringing back for a vote on May 19,2010, the very same RS, and as well, with the very same materials for the previously noted up 10 for 1 Reverse Split, in 2008, which was overwhelmingly already defeated by SPQ shareholders, just a couple of years ago.

Here we are today at MAY 3, 2010, and I and all shareholders, from what understand, have NOT received any circulars, proxies or materials relating to this AGM and RS due for the AGM, on May 19, 2010. In addition, there is a very important document to be released, an NI43-101 which we have been waiting for weeks for said release, which should have been due out by now, and is crucially important for all us SPQ shareholders to completely review before making any decision on SPQ proposal.

P2

Under these serious circumstances above noted. We, most SPQ shareholders believe that the SPQ BOD, is acting solely on their own behalf, telling shareholders, that BOD could not raise any more Moneys, with a large amount of shares outstanding. This is precisely the same excuse used in the recent RS 10 for 1, which was overwhelmingly defeated. And further SPQ was easily able to raise substantial moneys, and certainly now that SPQ will be worth Billions of Dollars$, as NI43-101 will showm as the result of this Huge World Class Chromite Deposit, we discovered in our claim In The ring Of Fire

One other reason suggested for This up to 10 for 1 for 10 RS now, so as to make it easier for a potential buyer to take over SPQ. This in our opinion, is totally against all SPQ shareholders, shareholders rights and in favor the SPQ BOD would can issue themselves, as many shares/warrants of SPQ as they like, which would be excersizable at the lowest possible price. WE would potentially lose nearly 50% of our Interest holdings in this Huge Chromite deposit, that we have invested in with most all our moneys and supported for over 5 years, The SPQ BOD actions in again requesting yet another attempt at up at 10 For 1 RS, is nothing short of a clear abuse of process, and power, and a complete denial and violaions of SPQ shareholders rights. One SPQ BOD member was quoted as saying, that SPQ should have done a 20 for 1 Reverse Split, in response to his complaint regarding said RS

And so, today we plead in the strongest possible way, with the Ontario Securities Commission and the TSX ,to investigate this serious matter, as above noted, with a view to:

Both bodies, the OSC and TSX to Deny approval, as required by law, to SPQ BOD from bringing this abusive and vexatious Reverse Split up to 10 for 1, at out AGM on May 19th 2010, for all the very important reasons above noted, including the abuse of rules and power, and the obvious violations of SPQ shareholders rights. We shareholders would be denied the reasonable time to review and fully discuss this proposition, in order to come to reasonable decision.

Yours Very Truly:

On Behalf of a Large group of SPQ shareholders: