Spider Resources Inc.
TSX VENTURE : SPQ

Spider Resources Inc.

January 11, 2006 11:24 ET

Spider, KWG And Freewest Start Winter Exploration Program McFauld's Lake Area, Northern Ontario

TORONTO, ONTARIO--(CCNMatthews - Jan. 11, 2006) - Spider Resources Inc. (TSX VENTURE:SPQ) and KWG Resources Inc. (TSX VENTURE:KWG) and Freewest Resources Canada Inc. (TSX VENTURE:FWR) are pleased to announce the startup of their winter exploration program on the Freewest option property, located approximately 15 kilometers SW of the McFaulds Lake volcanogenic massive sulphide ("VMS") project in the Greater James Bay region of Northern Ontario. Spider, as agreed in the recent amendment to the KWG-Spider JV has commenced exploration on the new Freewest Resources Canada Inc. optioned VMS properties near McFaulds Lake, where $200,000 must be expended by February 28, 2006 completing the initial option requirement to earn 50% in this project from Freewest. Spider and KWG are sharing the cost of this program 50:50 each contributing $100,000 to the project.

The initial field crew arrived on December 27, 2005, with the full contingent in place and ready to start drilling on January 5, 2006. Drilling commenced yesterday (January 10) on the first of three (or possibly four) holes, targeting previously identified coincidental Magnetic and HLEM (Horizontal Loop Electromagnetic) targets. The first hole in the series is targeting a conductor that extends over considerable length (2 kilometers) on the ground grid. For the most part this conductor follows a magnetic anomaly trend and is of low to moderate conductivity, however at several points along the conductor axis, the conductivity response is higher and as such is interpreted as being related to higher sulphide content, with sympathetic magnetic signature, not unlike the McFauld's Lake #1 and #3 VMS occurrences. This particular conductor extends SW through the Freewest optioned ground and eventually into the Spider - KWG ground to the SW. New hole FW-06-02 is collared at Line 3000 mNE at 900 mSE drilling towards grid south with an initial azimuth of 130 degrees and initial dip of - 50 degrees. During 2004, KWG and Spider drilled nearby hole McF-04-40 on Line 1800 NE on the continuation of this conductor, intersecting 2.05 meters that averaged 1.15% Zn, along with anomalous copper (0.19% Cu). The KWG-Spider intersection inferred distal style VMS mineralization, the anomaly located 1200 meters to the NW on the new option property is interpreted as being proximal style mineralization, where higher copper values would be expected. The field operations and drilling are currently under the auspices of James Burns, P.Eng. of Timmins, Ontario.

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 216,443,280 shares of Spider issued and outstanding.

On Behalf of the Board of Directors.

Neil Novak, President and CEO

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
    or
    Spider Resources Inc.
    Jim Voisin
    (Communications Manager)
    519 699 5352