07:41 EST Thursday, December 31, 2009

(via Thenewswire.ca)

Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce the completion of two tranches of the private placement announced on December 16, 2009. An aggregate of 38,673,331 flow-through units were issued to subscribers on December 24 and 30, 2009, respectively, at a price of $0.06 per unit, for gross proceeds of $2,320,400, subject to receipt of final regulatory approvals (collectively, the "Offering"). The Offering is part of a larger offering of up to 50,000,000 flow-through units at a price of $0.06 per unit and up to 40,000,000 non flow-through units at a price of $0.05 per unit. Each flow-through unit ("Flow-Through Unit") consists of one common share (issued on a flow-through basis) and one non flow-through 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 $0.10 for a period of two years from the respective dates of issue on December 24 and 30, 2009.

In connection with the Offering, Spider paid aggregate cash commissions in the amount of $132,457.10 to Sandfire Securities Inc. ("Sandfire") and its selling group and issued 3,620,163 non-transferrable compensation options (the "Agent Options") to purchase up to 3,620,163 units (the "Agent Units") at an exercise price of $0.06 per Agent Unit. The Agent Options are exercisable at any time before 5:00 p.m. (Toronto time) on the date that is 24 months from the respective dates of issue on December 24 and 30, 2009. Each Agent Unit consists of one Common Share and one warrant exercisable to acquire one Common Share at an exercise price of $0.10 per share on or before 5:00 p.m. (Toronto time) on the day that is 24 months from the respective dates of issue on December 24 and 30, 2009.

The securities issued under the private placement are subject to a hold period from the date of issuance until April 25, 2010 and May 1, 2010, as the case may be, in accordance with applicable securities laws and TSX Venture Exchange policies.

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.

About Spider Resources Inc.Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. After giving effect to the Offering, there are currently 453,388,430 common shares issued in Spider.On behalf of the board of directors,Neil Novak, President and CEO

Phone: 416 203-8636

Fax: 416 815-1355

Website: www.spiderresources.com

Corporate Office: 50 Richmond Street East, Suite 101, Toronto, ON M5C 1N7

This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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