Noront Resources

Dec 15, 2008 10:30 ET

Spider Resources Inc.: High-Grade Chromite Intersections Continue to Outline Big Daddy Chromite Deposit James Bay Lowlands of Ontario

HIGHLIGHTS

- HOLE FW-08-18 ENCOUNTERS 37.5% Cr2O3 OVER 32.0 METERS, HOLE FW-08-19 UNDERCUTS 18 AND ENCOUNTERS 37.2% Cr2O3 OVER 46.5 METRES

- HOLE FW-08-19 INTERSECTS 3.8 METRES OF PGE MINERALIZATION AVERAGING 2.15 g/t PLATINUM AND 2.86 g/t PALLADIUM, SANDWICHED BETWEEN MASSIVE CHROMITE LAYERS.

- MASSIVE CHROMITE BED(S) ENCOUNTERED OVER STRIKE LENGTH OF 400 METRES, OPEN IN ALL DIRECTIONS

- NEW NICKEL SULPHIDE ZONE DETECTED IN ANOMALY 1200 METRES TO THE NW OF BIG DADDY

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Spider Resources Inc. (TSX VENTURE:SPQ) "Spider", KWG Resources Inc. (TSX VENTURE:KWG) "KWG", and Freewest Resources Canada Inc. (TSX VENTURE:FWR) "Freewest" announce the receipt of additional assays after completing a very successful drilling program prior to the fall "freeze-up" period in Northern Ontario.

Since June, the main exploration focus of the Spider-KWG Joint venture has been on the massive chromite occurrence that was first discovered on the Freewest Option property in March of 2006. As a result of the recent drilling completed and the recent results announced October 21, 2008, the occurrence is now referred to as the "Big Daddy Chromite Deposit".

This deposit is located approximately 3.6 kilometers northeast of Noront Resources Ltd's ("Noront") Eagle One Magmatic Massive Sulphide (Nickel Copper and PGM), or five 5 kilometers northeast of Noront's Blackbird One and Two (Chromite) discoveries, and 4 kilometers southwest of Freewest's Black Thor Chromite discoveries.

The 5 drill hole results presented below, together with those previously announced by the Joint Venture on October 21, 2008, in addition to the recent drill results from Noront's Blackbird #1 and #2 chromite occurrences and those of Freewest's Black Thor Chromite discovery, could collectively represent the most significant chromite discovery ever made in North America. The magnitude of these new chromite discoveries has yet to be fully evaluated, however the fact that the occurrences are in the same peridotite body and are found over a strike length of 14 kilometers infers that the McFaulds Lake Chromite deposit(s) could be significantly large, perhaps comparable to some of the largest and richest chromite deposits in the world.

As previously announced, diamond drilling by the Spider/KWG JV on the Freewest Option property has identified a northeast trending zone of continuous chromite mineralization that extends from local grid line 9+00 meters NE to 13+00 metres NE along a strike length of 400 metres. The mineralized zone dips towards the NW at about 70 degrees and consists of varying widths of a variable tenor, in many instances high tenor of chrome, forming a series of stacked lenses. Additional infill drilling will be required to confirm continuity of the lenses from section to section.

The deposit remains open to depth as well as along strike in both directions. In addition, drilling to confirm the upward extension of the mineralization to surface has not been completed. All drill and assay results are being added to a 3-D Gemcom model to visualize the chromite body. A number of faults were noted from the drilling, some of which occur at the contact of the chromite with the surrounding peridotite/dunite; these fault sets are also being modeled as they also affect the interpretation and continuity of the mineralization from section to section.

ASSAY DATA RECENTLY RECEIVED FOR BIG DADDY

Analytical results have recently been received for five holes drilled earlier this past summer and early fall: FW-08-15, FW-08-18 and FW-08-19, FW-08-20 and FW-08-21. Each of these holes intersected massive chromite as previously announced (October 21, 2008). The following table (Table 1) provides details of assays received from the five holes not previously reported.

Table 1: Recently received analysis

------------------------------------...
from
Hole ID (m) to (m) int (m) Cr2O3% Cr% Fe%
------------------------------------...
FW-08-15 73.5 81.0 7.5 NA NA NA
------------------------------------...
followed by 81.0 173.8 92.8 12.20 8.30 10.60
------------------------------------...
then 159.2 171.3 12.1 32.2 22.00 18.60
------------------------------------...
then 173.8 179.1 5.3 NA NA NA
------------------------------------...

------------------------------------...
FW-08-18 18.0 33.0 15.0 6.26 4.28 9.68
------------------------------------...
FW-08-18 67.5 138.0 70.5 24.89 17.02 13.02
------------------------------------...
incl. 106.0 138.0 32.0 37.47 25.63 15.68
------------------------------------...

------------------------------------...
FW-08-19 141.0 161.95 20.95 12.04 8.23 10.13
------------------------------------...
including 141.5 144.1 2.6 31.32 21.40 13.79
------------------------------------...
then 161.95 183.0 21.05 NA NA NA
------------------------------------...
including 167.2 171.0 3.8 NA NA NA
------------------------------------...
then 183.0 229.5 46.5 37.18 25.44 15.30
------------------------------------...

------------------------------------...
FW-08-20 261.0 336.95 75.95 23.25 15.90 11.32
------------------------------------...
including 304.3 336.95 32.65 39.56 27.06 14.37
------------------------------------...
------------------------------------...
FW-08-21 259.45 282.0 22.55 1.29 0.88 6.38
------------------------------------...
then 313.45 318.9 5.45 0.75 0.51 1.90
------------------------------------...
followed by 318.9 320.95 2.05 17.47 11.93 12.3
------------------------------------...
then 360.0 417.0 57.0 17.52 11.98 11.64
------------------------------------...
including 376.0 385.8 9.8 31.90 21.84 18.29
------------------------------------...
also
including 406.2 417.0 10.8 39.22 26.81 17.53
------------------------------------...

------------------------------------...
Hole ID Cr:Fe Ni% Pt(g/t) Pd(g/t) Au(g/t) TPM
------------------------------------...
FW-08-15 NA 0.16 0.25 1.23 0.01 1.49
------------------------------------...
followed by 0.78 0.14 0.12 0.21 0.00 0.33
------------------------------------...
then 1.18 0.11 0.19 0.23 0.01 0.43
------------------------------------...
then NA 0.30 0.73 1.63 0.14 2.50
------------------------------------...

------------------------------------...
FW-08-18 0.44 0.14 0.05 0.04 0.01 0.10
------------------------------------...
FW-08-18 1.31 0.13 0.10 0.11 0.00 0.21
------------------------------------...
incl. 1.63 0.11 0.09 0.06 0.00 0.15
------------------------------------...

------------------------------------...
FW-08-19 0.81 0.15 0.12 0.14 0.01 0.27
------------------------------------...
including 1.55 0.13 0.20 0.22 0.02 0.44
------------------------------------...
then NA 0.10 0.73 0.95 0.05 1.73
------------------------------------...
including NA 0.14 2.15 2.86 0.17 5.18
------------------------------------...
then 1.66 0.11 0.21 0.19 0.00 0.40
------------------------------------...

------------------------------------...
FW-08-20 1.40 0.13 0.15 0.14 0.01 0.30
------------------------------------...
including 1.88 0.11 0.22 0.17 0.01 0.40
------------------------------------...
------------------------------------...
FW-08-21 0.14 0.30 0.07 0.14 0.00 0.21
------------------------------------...
then 0.27 0.12 0.27 0.44 0.01 0.72
------------------------------------...
followed by 0.97 0.45 0.13 0.26 0.00 0.39
------------------------------------...
then 1.03 0.14 0.11 0.14 0.11 0.36
------------------------------------...
including 1.19 0.08 0.12 0.07 0.00 0.19
------------------------------------...
also
including 1.53 0.11 0.16 0.11 0.56 0.83
------------------------------------...

NA refers to not assayed.

The above tabulation of drill intercepts and assay results are core lengths only, and do not represent true width for the mineralized zones. Additional drilling is required to determine true widths.

Drilling took place with reference to a local grid, labeled Grid J. The drills were set to drill grid south 150 degrees in each instance, and the initial dip of each hole was set at -50 degrees. Table 2 provides drill collar co-ordinates for these five holes, as well as other holes previously drilled (and reported upon) on the Big Daddy Chrome occurrence, all azimuth directions are true North readings. The UTM spheroid used for determining location was NAD 83 Zone 16, both UTM and local grid co-ordinates are given.

Table 2 Drill hole Locations

------------------------------------...
Local Local Incli-
Hole ID UTM UTM Grid Grid Azimuth nation Length
------------------------------------...
Easting Northing Easting Northing degrees degrees (m)
(m) (m) (m) (m)
------------------------------------...

------------------------------------...
FW-06-03 551087 5845306 10+00 E 15+25 N 150 degrees -50 degrees 353.5
------------------------------------...
FW-08-05 551050 5845367 L10+00E 16+00N 150 degrees -50 degrees 327
------------------------------------...
FW-08-06 550959 5845324 L9+00E 16+00N 150 degrees -50 degrees 384
------------------------------------...
FW-08-07 551136 5845427 L11+00E 16+00N 150 degrees -50 degrees 405.7
------------------------------------...
FW-08-12 551111 5845472 L11+00E 16+00N 150 degrees -50 degrees 354
------------------------------------...
FW-08-13 551164 5845384 L11+00E 15+50N 150 degrees -50 degrees 297
------------------------------------...
FW-08-14 551180 5845451 L11+50E 16+00N 150 degrees -50 degrees 189
------------------------------------...
FW-08-15 551158 5845494 11+50E 16+50N 150 degrees -50 degrees 240
------------------------------------...
FW-08-18 551192 5845511 12+00E 16+50N 150 degrees -50 degrees 255
------------------------------------...
FW-08-19 551168 5845554 12+00E 17+00N 150 degrees -50 degrees 273
------------------------------------...
FW-08-20 551134 5845599 12+00E 17+50N 150 degrees -50 degrees 357
------------------------------------...
FW-08-21 551118 5845650 12+00E 18+00N 150 degrees -50 degrees 447
------------------------------------...

Hole FW-08-15 on local grid section L11+50E intersected a length of platinum and palladium mineralization, where the Total Precious Metals (TPM) averaged 1.49 g/t (gram/tonne) over 7.5 meters, followed by a 92.8 meter section of semi-massive chromite that averaged 12.3% Cr2O3, including a 12.1 meter section of massive chromite with an average of 33.1% Cr2O3 followed by a 5.3 meter section of peridotite that averaged 2.5 g/t TPM. The higher grade chromite beds had a moderate Cr:Fe ratio of 1.18.

Hole FW-08-18 on local grid section L12+00E intersected a weakly mineralized chrome section over 15.0 meters containing an average of 6.3% Cr2O3, followed by a much better mineralized section further down the hole over where a 70.5 meter zone of semi-massive to massive chromite averaged 24.9% Cr2O3 including a section of 32 meters containing 37.5% Cr2O3. The latter intercept has a very favourable Cr:Fe ratio of 1.63.

Hole FW-08-19 on local grid section L12+00E intersected a weakly mineralized chrome section that over 21 metres averaged 12.04% Cr2O3 including a short higher grade section that averaged 31.32% Cr2O3 over 2.6 metres. The higher grade interval has a favorable Cr:Fe ratio of 1.55. This section was followed by a relatively enriched section of platinum group metals sandwiched between two chrome layers that averaged 1.69 g/t TPM over 21 meters including 3.8 metres that averaged 5.18 g/t TPM (2.15g/t Pt, 2.86 g/t Pd and 0.17 g/t Au). This was followed by a thick high grade chrome bed that averages 37.18% Cr2O3 over 46.5 metres with a Cr:Fe ratio of 1.66.

Hole FW-08-20 on local grid section L12+00E intersected a moderately mineralized chrome section over 76.0 meters containing an average of 23.25% Cr2O3, including a section of 32.7 meters containing 39.56% Cr2O3. The latter intercept has a very favourable Cr:Fe ratio of 1.88.

Hole FW-08-21 on local grid section L12+00E intersected a very weakly mineralized chrome section that over 22.5 metres averaged 1.29% Cr2O3, as well as 0.30% Nickel. This was followed by a 5.5 metre section that averaged 0.75 g/t TPM, followed by 2.1 meters averaging 17.47% Cr2O3. A third chromite bed was encountered further down the hole, that over 57 metres averaged 17.52% Cr2O3 including 9.8 metres that averaged 31.9% Cr2O3, as well as another higher grade interval that averaged 39.22% Cr2O3 over 10.8 metres. This latter interval contained 0.83 g/t TPM as well and has a favorable Cr:Fe ratio of 1.53.

PENDING ASSAY RESULTS

The following table (Table 3) summarizes the intersections of the last two holes completed on the project just prior to the shutdown for winter freeze up, These two holes were designed to test the continuity of mineralization at a 100 meter stepout interval towards the northeast on local grid section 13+00 NE. Massive Chromite was intersected in both of these holes confirming chrome mineralization extending to the northeast. The following table provides visual descriptions of the core as noted by site geologists and recorded in the drill logs. These are visuals only - assays are pending on these two holes. Once all assays are received, downhole assay grade intervals will be released along with hole collar locations on the local and UTM grid for these as well as earlier holes where collar locations have not yet been reported.

Table 3 Recent drill results, observed mineralization, assays pending

------------------------------------...
initial from
Hole ID dip (m) to (m) Int. (m) Visual observations
------------------------------------...

FW-08-22 -50 deg 250 256 6 Disseminated Chromite
------------------------------------...
256 263.6 7.6 Semi Massive Chromite
------------------------------------...
263.6 298.8 35.2 Massive Chromite
------------------------------------...

FW-08-23 -50 deg 265 269.7 4.7 Disseminated Chromite
------------------------------------...
332.3 378 45.7 Massive Chromite
------------------------------------...

The widths of the chromite beds stated in Table 3 are drilled intercepts only, not true thickness. True thickness will be determined once additional drilling is completed and the deposit is modeled. The main massive chromite bed appears to be continuously mineralized over an apparent thickness of 35 to 45 meters on this section. Notwithstanding the foregoing, visual observations are estimates only and pending assay results may not confirm visual observances in whole or in part.

ADDITIONAL ANOMALY TESTING RESULTS

Two additional drill holes were drilled into a magnetic anomaly located 1.2 kilometres to the NW of the Big Daddy chromite occurrence, near the northwestern corner of the option property. The holes were set up at the same collar location of 550875mE at 5846305mN (UTM co-ordinates). The first was inclined at -50 degrees, the second at -65 degrees, and both were drilled at an azimuth of 315 degrees. The anomaly consisted of a strong magnetic and subtle electromagnetic conductivity response. A sulfide zone within the geophysically rendered NW trending Banded Iron Formation ("BIF"), was intersected returning the following results (Table 4).

------------------------------------...
from
Hole ID (m) to (m) int (m) Cu% Ni%
------------------------------------...
FW-08-16 138.0 139.0 1.0 0.93 2.04
------------------------------------...
FW-08-17 146.5 148.0 1.5 0.12 0.01
------------------------------------...

The assay results infer an enrichment in base metals in the BIF, particularly in hole FW-08-16 where 1.0 metre returned an assay of 0.93% Copper and 2.04% Nickel. The significance of this intersection needs to be further investigated.

CURRENT PROGRAM

Spider recently announced the completion of the first tranche financing totaling $235,000. Proceeds from this financing are currently being utilized to prepare the project for the next round of exploration, that includes: line cutting (re-establishing a 2004 drill grid - the J grid - as well as extensions thereto), ground geophysical surveying (including magnetic gradiometer and gravimetric surveying), re-logging of core to standardize lithological units, infill sampling of zones of weaker chromite mineralization. All are needed to prepare a NI-43-101 technical report on the project. The preparation of this NI 43-101 report was recently awarded to Micon International Ltd. a world recognized consulting firm, with expertise in chromite deposits.

SAMPLE PROTOCOL, SECURITY, ANALYSES

All drill holes were logged and samples referred to herein were completed and selected under the supervision of Howard Lahti Ph.D., P.Geo, of Fredericton, New Brunswick. The samples were sawn in half, with half of the core retained for further work and/or storage at the main base camp at McFaulds Lake. The split samples were placed into individual plastic bags, clearly labeled and tagged and then sealed in rice bags where a numbered seal lock was applied. The sealed rice bags were placed in plastic sealed pails and shipped via bonded carrier to Activation Laboratory's (ActLab) new facility in Thunder Bay, Ontario. The samples were then entered into ActLab's system for preparation, processing and analyzing. After initial processing at the Thunder Bay facility of ActLab the samples were shipped via lab - lab bonded courier to ActLab's main laboratory in Ancaster, Ontario. The samples all underwent multi-element analysis using four acid digestion followed by Inductively Coupled Plasma analysis (TD-ICP). Where over-limits in nickel and copper are encountered in the first pass, Optical Emission Spectrometry (ICP-OES) is used to provide the over-limit results, while Fire Assay Inductively Coupled Plasma (FA-ICP) is used for over limits in gold, platinum and palladium. Additional analyses using Instrumental Neutron Activation Analysis (INAA) were completed for all samples for their chrome contents in excess of 1% chrome. For more information on these analytical techniques please refer to Activation Laboratory website www.actlabs.com.

ABOUT SPIDER

This press release has been prepared by management of Spider Resources Inc., which is the operator of the joint venture with KWG during 2008, and has been approved for dissemination by Neil Novak P.Geo, President of Spider and James G. Burns, P.Eng. Vice President Exploration for Spider, both being Qualified Persons as such term as defined under National Instrument 43-101, who have reviewed and verified the technical information contained in this press release and have approved the contents of this press release. 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 315,011,767 shares issued in Spider.

On behalf of the board of directors,

Neil Novak, President and CEO

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.

For more information, please contact

Spider Resources Inc.
Neil Novak
President and CEO
(416) 815-8666
Website: www.spiderresources.com