Spider Resources fifth most active conference
Spider Resources Inc SPQ
Shares issued 90,075,727 Aug 27 close $0.055
Mon 30 Aug 99
Week ended Aug. 27th
by Stockwatch business reporter
Spider Resources was last reviewed in Forum Watch for the week ended Aug.
13, slipping into fifth position among Canada Stockwatch's most active
conferences once again. There have been no newsworthy developments since
the last review.
Notwithstanding the disruptive influence of one poster who seems to confuse
vulgarity with maturity, some conference participants did attempt to engage
in a civil discussion and exchange of information. Morpheus wanted to know
when the first set of results from the drilling program were expected.
Pedro, a veteran conference participant, responded: "Don't expect any until
September." He went on to indicate that he had originally been told that
the results would be available in the second or third week of September.
A brief history of Spider was provided by Bushratman, who also offered an
account of the significance of the company's name: "The name 'Spider' comes
from an aeromagnetic map of the Brazilian craton that hosts the Paranaiba
project, where the centre area of the map (is) the body of a Spider and the
lineaments radiating out from centre are the legs. Each leg represents a
structural break of a cratonic scale deep seated fault, which could provide
the necessary conduit for the kimberlitic or lamproitic intrusion to
follow. Hence you would expect clusters about the body near the legs."
Discussion turned to the renewal of claims, with Gemcutter writing: "The
Brazilian government issues five-year claims and according to my
calculations SPQ-KWG should be about at the end of the first five-year
cycle...Things could get serious (with additional positive drill results)
so I'm glad to see the companies acting to protect the interest. I don't
think that LIN would be jumping in and putting money in the ground if there
was any possibility of claim loss, so this renewal is good." Some further
detailed information regarding an annual concession tax was provided by
Bushratman, who added: "The five-year period is probably referring to
length of time prior to filing what is referred to as the Final Exploration
report, which must be filed prior to the anniversary date. My source tells
me that it is initially two years followed by an extension of three years.
If you go back in the records with respect to KWG, they were active in area
in 1994 and probably acquired the claims at this time, therefore the 1999
anniversary date becomes a pivotal date with respect to the tenure of the
land." Spider closed out the week at 5.5 cents.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.co |
