Spider Resources Inc.

Spider Resources Inc.

March 11, 2008 10:45 ET

Spider, KWG and Freewest Commence Drilling on Freewest Option Property McFauld's Lake Area, Northern Ontario

TORONTO, ONTARIO--(Marketwire - March 11, 2008) - Spider Resources Inc. (TSX VENTURE:SPQ) "Spider" and KWG Resources Inc. (TSX VENTURE:KWG) "KWG" and Freewest Resources Canada Inc. (TSX VENTURE:FWR) "Freewest" are pleased to announce the startup of a diamond drilling program on their jointly owned Freewest Option property (the "Property"), located approximately 15 kilometers southwest of the McFaulds Lake volcanogenic massive sulphide ("VMS") occurrences of Spider and KWG and approximately 3.6 kilometers northeast of Noront Resources Ltd.'s Eagle One Magmatic Massive Sulphide ("MMS") discovery in the James Bay Lowlands region of Northern Ontario. This diamond drilling program will initially be focussed near and around a previously discovered chrome-nickel-platinum group element occurrence in peridotite that has many similarities to the new discovery (Eagle Two) of Noronto Resources. Billiken Management Services Inc. has been retained to complete the field program under the onsite supervision of Dr. Howard Lahti, Billiken also advises that a diamond drill contract with Cabo Drilling Corp., has recently been awarded the diamond drill contract. The approved budget for the program is $2.4 million, to cost of which will be shared 50:50 between Spider and KWG.

Nine separate SW-NE trending magnetically and electromagnetically rendered anomalies have been identified within the limits of the property, as described within an Interim report prepared by Scott Hogg and Associates of Toronto Ontario previously announced on February 22, 2008, most of which warrant additional follow-up. Of the nine conductors identified, six have been interpreted as having a NW dip, one has a near vertical dip and the other two are broader in nature. The latter two may be attributable to surface conductivity although there is some coincidence with magnetic patterns reflective of the underlying bedrock geology, so bedrock source for the conductance cannot be ruled out. Line-cutting has been completed over the entire property, ground geophysical surveying including magnetic, electromagnetic (VLF) and MaxMin electromagnetics is underway and completed on the western portion of the property in the vicinity of the initial drill sites, results of which will be used to plan additional drilling.

Previous exploration work on the property included a diamond drill program resulting in the discovery of a layered chromitite bearing, nickel and platinum group element (PGE) enriched peridotite. A previous press release dated February 4, 2008 describes the analytical results. This chrome-PGE-nickel discovery was the first of its kind in the McFauld's Lake area of the Sachigo Greenstone Belt. The host peridotite contains variable amounts of magnetite as disseminations and seams and elicits a strong magnetic signature. The magnetic high has dimensions of 400 metres by 400 metres and due to both the dimensions, and the peridoitite setting similarity to Noront Resources Ltd's Eagle One MMS discovery located 3.6 km to the SE, as well as the newly discovered Eagle Two MMS occurrence, (located 2 km to the SE of Eagle One that also contains chromitite layering; this occurrence has become a very attractive exploration target for additional work directed at chrome-PGE-nickel mineralization. The initial focus of the drilling program will be to further investigate this Cr-PGE-Ni occurrence.

The terms of the agreement with Freewest are disclosed in earlier press releases (see press release December 19, 2005, as well press release dated February 4, 2008). As stated earlier the initial field crew arrived on site in late January and commenced re-identification of the claim boundaries prior to starting a detail line-cutting program. A property wide grid with 200 meter line spacing is currently being established, initially focussing on the western portion of the property covering the peridotite in the vicinity of 2006 drill hole FW-06-03, where the grid will be detailed at 100 meter spaced lines. Line-cutting has progressed over this area and the geophysical operators will soon be starting the ground surveys that will include horizontal loop electromagnetic (HLEM), along with Magnetic and VLF electromagnetic ground surveying. Drilling is still scheduled to start during February, assuming all goes well with the geophysical surveying. The initial holes will test the layered peridotite and explore this exciting occurrence for its MMS potential. Interim maps produced from the recent Aerotem2 airborne survey have been reviewed and are currently being used to continue the planning of exploration for the remainder of the property. At present, eight other anomalies are apparent. The field operations and eventual drilling are currently under the auspices of Billiken Management Services Inc, of Toronto, Ontario.

This press release has been prepared by management of Spider Resources Inc. and has been approved for dissemination by Neil Novak P.Geo, President of Spider and a Qualified Person as such term is defined under National Instrument 43-101, who has reviewed and verified the technical information contained in this press release and has approved the contents of this press release. Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are currently 301,184,917 shares issued in Spider.

On behalf of the board of directors,

Neil Novak, President and CEO

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.

Contact Information

  • Spider Resources Inc. - Toronto Head Office
    Neil Novak
    President and CEO
    (416) 815-8666
    Website: www.spiderresources.com