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Spider Resources Inc. Announces Completion of Flow-Through Private Placement with the MineralFields Group

09:22 EDT Monday, August 10, 2009

TORONTO, ONTARIO--(Marketwire - Aug. 10, 2009) -

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Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce the completion of a private placement with the MineralFields Group of 25,000,000 flow-through units at a price of $0.03 per unit, for gross proceeds of $750,000, subject to receipt of final regulatory approvals. The private placement is the second tranche of a larger offering of up to 73,333,333 flow-through units (the "Offering") (see press release of July 30, 2009). Each unit consists of one common share (issued on a flow-through basis) and one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire one common share (which share shall not be issued on a flow-through basis) at a price of $0.05 for a period of one year from the date of issue and thereafter at a price of $0.10 for a period of two years from the date of issue.

Spider engaged Limited Market Dealer Inc. to complete the second tranche of the Offering on a best efforts agency basis. Limited Market Dealer Inc. was paid an aggregate cash commission of $37,500 and was issued 2,500,000 broker options ("Broker Options"). Each Broker Option is exercisable for one unit ("Option Unit") at a price of $0.03 for a period of one year from the date of issue and thereafter at a price of $0.06 for a period of two years from the date of issue. Each Option Unit consists of one Common Share and one-half of one non-transferable common share purchase warrant. Each full warrant will be exercisable for one Common Share at a price of $0.05 for a period of one year from the date of issue and thereafter at a price of $0.10 for a period of 24 months from the date of issue.

The securities issued under the private placement are subject to a hold period from the date of issuance until December 8, 2009 in accordance with applicable securities laws and TSX Venture Exchange policies.

"We are very pleased to be entering into this relationship with the MineralFields Group", said Neil Novak, President and CEO of Spider. "This is an important milestone in the growth of Spider and we look forward to working with the MineralFields Group going forward."

Proceeds raised through this private placement will be used to finance an expanded exploration program on Spider's projects in the McFauld's Lake area