KWG Special Committee determines that Cliffs' Amended Offer is not a Spider Superior Proposal

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    Symbol on TSX Venture Exchange: KWG
    Shares issued and outstanding: 589,549,206

MONTRÉAL, June 29 /CNW/ - The Special Committee of the Board of Directors of KWG Resources Inc. ("KWG") has determined that the amended offer of Cliffs Natural Resources Inc. (the "Amended Offer") in respect of the common shares of Spider Resources Inc. ("Spider") is not a Spider Superior Proposal (as defined in the combination agreement among KWG, its wholly-owned subsidiary, 7569076 Canada Inc., and Spider dated as of June 11, 2010). KWG understands that Spider's board of directors concluded that the Amended Offer constituted a Spider Superior Proposal within only one hour or less of receipt of the Amended Offer.

The Special Committee of KWG, with the assistance of its financial and legal advisers, will continue to consider what steps to take as a result of the foregoing determination.