Spider Resources Inc.

Spider Resources Inc.

January 04, 2007 18:20 ET

Spider Announces Private Placement

TORONTO, ONTARIO--(CCNMatthews - Jan. 4, 2007) - Spider Resources Inc. ("Spider")(TSX VENTURE:SPQ) is pleased to announce the closing of a flow-through private placement for gross proceeds of $70,000. Pursuant to this offering, Spider issued 1,400,000 units of Spider (each, a "Unit") at the price of $0.05 per Unit. Each Unit consists of one flow-through common share of Spider and one common share purchase warrant, each of which entitles the purchaser to purchase one common share that is not a "flow-through" share of Spider at an exercise price of $0.10 for a two-year period from the closing date.

Spider will use the net proceeds of the flow-through private placement for further exploration of its Ontario properties.

All of the securities issued pursuant to this offering will have a hold period expiring April 29, 2007.

Spider Resources Inc. is a tier 2 junior resource company, quoted for trading on the TSX Venture Exchange under the symbol "SPQ", with 229,793,535 shares currently 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

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

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

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