Spider Resources Inc.

Spider Resources Inc.

December 21, 2006 17:58 ET

Spider Announces Private Placement

TORONTO, ONTARIO--(CCNMatthews - Dec. 21, 2006) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ) wishes to announce a private placement financing (the "Offering") pursuant to which Spider shall issue an aggregate of up to 11,750,680 units, comprised of hard dollar units (each a "Hard Dollar Unit") and flow-though units (each a "Flow-Through Unit") of Spider at the price of $0.05 per Hard Dollar Unit and $0.05 per Flow-Through Unit. Each Hard Dollar Unit and each Flow-Through Unit will consist of one common share of Spider (each a "Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant will entitle the purchaser to purchase one common share of Spider at a price of $0.10 per share for a period of 24 months from the date of closing of the private placement. The combined aggregate gross proceeds to be raised from the Offering shall not exceed $587,534, but may be comprised of any combination of Hard Dollar Units and Flow-Through Units. The private placement is subject to the completion of final documentation and the final approval of the TSX Venture Exchange. It is anticipated that the date of the closing of the private placement will be on or about December 29, 2006.

All of the securities issued pursuant to the Offering will have a hold period expiring four months and one day after the date of closing.

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 229,793,535 shares of Spider issued and outstanding.

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.

On Behalf of the Board of Directors

Neil Novak, President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility of the adequacy or accuracy of this release.

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