There was one private placement financing completed during the third quarter of 2007, for $20,000.

Spider reported working capital at the end of third quarter 2007 of $775,493 (2006 - $103,906), and an

operating cash balance of $524,554 (2006 - $177,199).

Based on assumptions about future business development, revenues and costs, management expects to

refinance the company at prevailing market prices in order to have sufficient cash reserves to maintain

operation throughout the remainder of Fiscal 2007. In October 2007 the Company entered into an agency

agreement with IBK Capital Inc. of Toronto and announced a brokered offering, that closed later in

October.

At this time the Company is not anticipating a profit from operations, therefore it will rely on its ability to

obtain equity or debt financing for growth. The marketing of exploration data and ownership interests in

mining properties that Spider owns could provide a source of liquidity if need be.

As a result of previous flow-through private placement activity, the Company is committed to spending

$191,000 on Canadian exploration activities prior to the end of fiscal 2008 as part of flow-through

agreements completed in early 2007

Spider currently does not have any credit facilities with financial institutions. Since no significant capital

expenditures are planned, management believes that it can continue operations in the short term with the

Company’s current capital resources and ability to obtain equity financing as required during the current

quarter. Thereafter, the Company will need additional capital. If the Company is unable to raise this

capital the ongoing operations of the Company could be jeopardized.

The Company has not entered into any off-balance-sheet arrangements