Spider Resources Inc.
TSX VENTURE : SPQ

Spider Resources Inc.

November 18, 2009 16:45 ET

Spider Resources Inc.: Issue of September 30, 2009, Interim Quarterly Financial Statements and Management's Discussion and Analysis

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2009) -

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.

Spider Resources Inc. (the "Company" or "Spider")(TSX VENTURE:SPQ) announces that its unaudited interim financial statements and management's discussion and analysis for the three and nine-month periods ended September 30, 2009 have been filed on SEDAR (www.sedar.com). They are also available on the Company's website at www.spiderresources.com.

Highlights during and subsequent to the nine months ended September 30, 2009

  • The Company reported a net loss for the nine months ended September 30, 2009, of $1,091,010 ($0.00 per share);

  • The Company had a cash position of $3,238,880 as of September 30, 2009;

  • The Company completed a flow-through share offering to raise gross proceeds of $2,200,000. Press releases announcing the financing were issued July 30 and August 10, 2009. The Company issued 73,333,333 flow-through units at a price of $0.03 per unit. Each unit consists of one common share (issued on a flow-through basis) and one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire one common share (which share will not be issued on a flow-through basis) at a price of $0.05 for a period of one year from the date of issue and thereafter at a price of $0.10 for a period of two years from the date of issue.

  • Spider, KWG Resources Inc. ("KWG") and Freewest Resources Canada Inc. ("Freewest") signed an amended and restated option agreement for the Big Daddy chrome property. The company announced the agreement in a press release dated September 14, 2009. Freewest granted an option to KWG and Spider to earn an aggregate 10% additional interest by incurring $15 million in expenditures by March 31, 2012. Currently, KWG and Spider each hold a 25% interest in the Big Daddy chrome project.

  • Spider and KWG have begun an aggressive $5 million exploration program on the Big Daddy chrome project.

About Spider Resources Inc.

Spider Resources Inc. is a Tier 2 Canadian exploration company, listed for trading on the TSX Venture Exchange under the symbol SPQ. Spider currently has 389,545,100 common shares issued and outstanding.

On behalf of the board of directors, and Neil Novak, President and CEO

Corporate Office: 50 Richmond Street East, Suite 101, Toronto, ON M5C 1N7

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 U.S. Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are forward- looking statements that involve 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.

Neither the 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.

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