http://www.spiderresources.ca/shareholder-reports/audited-financials-apr-08-2010.pdf

On March 6, 2007, the Company signed a Letter of Intent ("LOI") with UC Resources Limited ("UC"), which was
amended and replaced by an option agreement dated as of March 6, 2009 regarding a four year exploration
program on the McFauld’s Lake volcanic-hosted massive sulphide project, located in northern Ontario in the James
Bay Lowlands, held by the Company and its joint venture partner, KWG. This LOI confirms the terms and conditions
on which UC will have an option to earn up to a 55% undivided interest in the McFauld’s Lake project, which is
currently owned, as an undivided 50% interest, by each of the Company and KWG.
UC shall be the operator of the property during the term of the option and shall have the option to earn up to a 55%
undivided interest in the property. To earn its interest, UC must give notice of intent to continue or incur exploration
expenditures on the property as follows:
(1) 10% interest by incurring $1,000,000 in exploration expenditures on or before March 6, 2008 (completed);
(2) An additional 15% interest by incurring an additional $1,000,000 in exploration expenditures on or before March
6, 2009 (completed);
(3) An additional 15% interest by incurring an additional $1,250,000 in exploration expenditures on or before March
6, 2010 (completed);
(4) A final 15% interest by incurring an additional $1,250,000 in exploration expenditures on or before March 6,
2011.