Spider Resources Inc.

Spider Resources Inc.

June 09, 2005 09:00 ET

Spider Announces Management Changes

TORONTO, ONTARIO--(CCNMatthews - June 9, 2005) - SPIDER RESOURCES INC. ("Spider") (TSX VENTURE:SPQ) announces that the board of Spider was re-elected at the Annual General Meeting of Spider at the meeting held on June 6, 2005. Spider further announces that Bryan Wilson has decided not to stand for re-election as President and CEO, however, he remains as a Director. The Board of Directors wishes to thank Bryan for his two years of dedicated service to Spider in his capacity as President and CEO and it looks forward to his continued and valued guidance as a director, Bryan will continue to serve on the audit committee of Spider.

Neil Novak P.Geo., has been appointed as President and Chief Executive Officer. Neil originally became a board member of Spider and senior officer of the company in 1995 and has remained as such through to the present. Neil was appointed as Corporate Secretary for Spider in January 2000, then in June of 2003, Neil became the Chief Operating Officer, resigning his role as Corporate Secretary. Neil, through his 10 years as a director of Spider, and as a consultant to Spider prior to that, has played a pivotal role in the development of the company's diamond and base metal exploration strategy in the James Bay Lowlands and other areas of Ontario. Neil's technical involvement in the company's exploration activities since the formation of Spider in 1993 has provided for continuity in the understanding at the management level of Spider's exploration project assets, as they have developed from one year to the next. Neil states that "I am looking forward to the challenge of the responsibilities of the office of President and CEO of Spider, and will continue to help guide the company through the next phase(s) of Spider's corporate development, as well as advancing existing exploration projects, and sourcing out new projects for Spider."

Richard Hamelin has been appointed as Vice - President Finance as well as Chief Financial Officer. Richard has been a board member of Spider since 1999. Rick was involved in the brokerage business for the first several years of his career, working for Marleau Lamire, Cannacord, CM Oliver and more recently Rampart Securities, all headquartered in Montreal. Rick left the brokerage business in 2002 and started consulting as a merger, acquisition and financing advisor to the junior mineral resource sector. In 2004 Rick relocated from Montreal to Mexico to provide "hands on" financial advice to a junior company during its start up of mining operations in Mexico. Rick looks forward to a new involvement with Spider as Chief Financial Officer and Vice-President Finance.

Earl Coleman has been appointed as Chairman of the Board of Directors. Earl's many years of business experience in senior management of a Winnipeg-based international trucking and freight forwarding company along with his long association as a director of Spider provides the background necessary for his appointment as Chairman of the Board to Spider.

Additionally, the shareholders of Spider confirmed the company's stock option plan, which has been amended to reserve for issuance under such plan, that number of shares equal to 10% of the issued and outstanding shares of Spider from time to time. A majority of disinterested shareholders also approved certain grants of options to insiders and consultants to Spider being options to purchase, in the aggregate, 6,800,000 common shares of Spider at an exercise price of $0.15 per share.

Spider Resources Inc. is a tier 2 junior resource company, quoted for trading on the TSX Venture Exchange under the symbol "SPQ" and there are currently 195,846,996 shares issued.

On Behalf of the Board of Directors.

Neil Novak, President and CEO

For more information on Spider Resources Inc. and its exploration projects please visit our website www.spiderresources.com

The TSX Venture Exchange has NOT reviewed this release and it does not accept responsibility for its adequacy or accuracy.

Contact Information

  • Spider Resources Inc.
    Neil Novak
    President and CEO
    (416) 815-8666
    Spider Resources Inc.
    Jim Voisin
    Communications Manager
    (519) 699-5352