Leading Independent Advisory Firm, Riskmetrics Group Endorses The Proposed Consolidation Of The Outstanding Common Shares Of Spider Resources Inc.

TORONTO, ONTARIO ( May 12, 2010) - Spider Resources Inc. (the "Company") (TSX VENTURE: SPQ) is pleased to announce that Institutional Shareholder Services Inc. (ISS), a wholly-owned subsidiary of RiskMetrics Group, Inc., has recommended that the Company's shareholders vote in favour of the special resolution (the "Share Consolidation Resolution") to consolidate all of the Company's issued and outstanding common shares.

In its Proxy Advisory Services analysis of May 5, 2010, ISS states that:

"a vote for this stock consolidation is warranted as it should have no direct impact on shareholder value and could enhance the long-term growth prospects of the company by broadening its financing alternatives."

Approval of the Share Consolidation Resolution will be sought from shareholders at the Company's annual and special meeting of May 19, 2010 (the "Meeting").

Reasons and Benefits of the Consolidation

-The purpose of the Consolidation is to allow the board the latitude to effect a consolidation if they think it is in the best interests of the Company and avoid the necessity, cost and delays of holding a special shareholders meeting to effect a consolidation if circumstances warrant it prior to December 31, 2010.

-The Company believes that the number of the currently outstanding Common Shares may no longer reflect the value of the assets of the Company.

-The proposed Consolidation will enable potential investors to better evaluate the Company in connection with future equity financings; it may attract larger institutional investors to the Company.

-With the recent very encouraging Resource Estimate now available for our Big Daddy Chrome Deposit, your Board needs to be able to posture your Company for the future as we continue to evaluate this "once in a lifetime" asset.

The proposed Consolidation remains subject to receipt of all necessary regulatory approvals, including shareholder approval and acceptance of TSX Venture Exchange.

It is extremely important that all shareholders exercise their right to vote.

The Company has retained Laurel Hill Advisory Group to assist with the Meeting. Shareholders with questions concerning the Meeting may call 1-877-304-0211.

About Spider Resources Inc.Spider Resources Inc. is the "Spark that set off the Ring of Fire". Spider, the Pioneer Explorer in the James Bay Region of Northern Ontario since 1993 was responsible for the discovery of eight kimberlites (1994-95), ten VMS occurrences, including two VMS deposits (2002-2006), one chromite deposit (2006). Regional geophysical surveying and other exploration efforts as initially conducted by Spider formed the exploration data-set that lead to the first discovery of Chromite in the area in February '06, in a peridotite intrusion, and about a year later lead to the eventual discovery of additional chromite deposits and related Magmatic Massive Sulphide Nickel Deposit by others. Spider Resources Inc. is a Tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are currently 473,469,598 shares issued in Spider. For further information concerning Spider Resources Inc., please contact:

NEIL D. NOVAK, P.Geo.

President and CEO

Direct: 416-203-8636

Email: info@spiderresources.com

Website: www.spiderresources.com