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Spider Resources Inc. Appoints TD Securities to Advise on its Potential Merger Or Acquisition 06/10/2010 [ACCESSWIRE]

TORONTO, ONTARIO--(June 10, 2010) - Spider Resources Inc. (the “Company”) (TSX VENTURE: SPQ) is pleased to announce that TD Securities Inc. (“TD Securities”) has been retained to provide financial advisory services to the Company’s Special Committee in connection with the Company’s potential merger or acquisition.

The services provided by TD Securities will include an evaluation of the proposed merger process with KWG Resources Inc. (“KWG”). They will also include an evaluation of the take-over bid made by 7557558 Canada Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (the "Cliffs Bid"). TD Securities will provide financial advisory services and will act as lead financial advisor and agent to Spider in connection with any merger with KWG or a sale of the Company.

For more information about the proposed merger with KWG and the Company’s response to the Cliffs Bid, please refer to the Company’s press release of June 1, 2010.

In addition, Spider has appointed Laurel Hill Advisory Group to assist Spider with the Company's Special Meeting. Laurel Hill has established the following toll free telephone line to take shareholders’ questions: 1-877-304-0211.

Pursuant to the Company’s Shareholder Rights Plan, the directors of the Company have resolved to extend the Separation Time (as it is defined in the Shareholder Rights Plan) to June 21, 2010.

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) and one chromite deposit (2006). Regional geophysical surveys and other exploration efforts as initially conducted by Spider formed the exploration data-set that led to the first discovery of chromite in the area in February 2006, in a peridotite intrusion, and about a year later lead to the eventual discovery of additional chromite deposits and related magmatic massive sulphide nickel deposits 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 541,737,009 shares issued in Spider. Spider has approximately $8.5 million in working capital at present of which $2 million is restricted for flow through expenditures.

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

Laurel Hill Advisory Group

Toll Free: 1-877-304-0211

Email: assistance@laurelhillag.com

Neil Simon, Investor Relations Principal, Investor Cubed Inc. Fax: (416) 640 7771

Toll Free 1 888 258 3323

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 Information" within the meaning of the Securities Act (Ontario). Other than statements of historical fact, all information is "Forward-Looking Information" 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 this "Forward-Looking Information". 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.

(Not for dissemination in the United States of America)