Spider Resources Inc. Announces $5,000,000 Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2009) -

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Spider Resources Inc. (TSX VENTURE:SPQ) ("Spider"), is pleased to announce that it has entered into a financing agreement with Sandfire Securities Inc. and Northern Securities Inc., acting as co-lead agents, to use their best efforts to complete a private placement for gross proceeds of up to $5.0 million (the "Offering"). The private placement will consist of up to $2,000,000 worth of units (the "Units") at a price of $0.05 per Unit and up to $3,000,000 worth of flow-through units (the "Flow-Through Units") at $0.06 per Flow-Through Unit.

Each Unit will consist of one common share ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Flow-Through Unit will consist of one flow-through common share and one Warrant. Each whole Warrant will entitle its holder to subscribe for one Common Share of Spider at a price of $0.10 per share for a period of 24 months following the closing of the Offering.

The Offering is scheduled to close on or about December 23, 2009 and is subject to regulatory approval.

The gross proceeds of the flow-through portion of the Offering will be used for exploration and development of Spider's mineral projects and the net proceeds of the unit portion of the Offering will be used for general corporate purposes and to pay the expenses associated with the Offering.

Under applicable securities legislation, the securities to be issued in the proposed private placement will be subject to a four-month hold period.

About Spider Resources Inc.

Spider Resources Inc. is the pioneer exploration company in the James Bay Lowlands of Northern Ontario, exploring this area since 1993. The exploration team at Spider is responsible for the discovery of 8 kimberlites to the east of the Ring of Fire as well as 2 VMS deposits (McFaulds 1 and McFaulds 3), 8 additional VMS occurrences, and the Big Daddy Chromite Prospect within the Ring of Fire. Spider Resources Inc. is a Tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. Spider currently has 389,545,100 shares issued and outstanding.