Spider Resources Inc.

Spider Resources Inc.

April 11, 2007 11:38 ET

Spider Resources Inc. Commences Geophysical Program at McFaulds VMS Project in Northern Ontario

TORONTO, ONTARIO--(CCNMatthews - April 11, 2007) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ) is pleased to announce the startup of a gravimetric geophysical program at the McFauld's Lake volcanic-hosted massive sulphide ("VMS") project, located in northern Ontario in the James Bay Lowlands. JVX Ltd. ("JVX") of Toronto, Ontario has recently been awarded the geophysical contract to complete gravimetric and station elevation level surveys over newly cut grid lines on the McFauld's #3 and #1 VMS occurrences. The elevation level survey is required for the gravity interpretation as well as the next planned deep geophysical survey over the same grid, to be completed as soon as crews are available, currently scheduled for late May or early June. The JVX geophysical crew mobilized to the project and arrived on site April 9, level surveying commenced on April 10. JVX expects to be finished this phase of the exploration program by April 20th, just prior to the spring breakup.

Preliminary gravimetric surveying was completed by JVX in early 2005. The initial interpretation of the results suggested that there was a large gravity anomaly centered near and parallel to the existing base line; basic modeling of the excess mass inferred by the gravity anomaly suggested it was located at least 600 metres below the surface, however this excess mass anomaly was not explained by the diamond drilling completed on the McFaulds #3 occurrence to date, located in the same position with respect to the grid and base line. McFaulds #3 had only been drill tested from surface to the 400 meter depth level, the top of the excess mass anomaly was modeled at 600 meters below surface, extending much deeper. At the time of the initial survey, JVX recommended additional gravity work, since the contoured bouguer gravity anomaly clearly showed that the gravimetric survey coverage did not extend far enough to define the anomaly completely. By the time this interpretation was made spring conditions prevailed and the survey could not be completed. The gravity anomaly identified in the 2005 survey, paralleled the base line, and followed the drill inferred strike, dip and plunge of McFauld's #3 occurrence in the northeasterly direction, towards the McFaulds #1 occurrence that is located 1.1 km to the northeast. Insufficient gravimetric coverage at the time precluded the completion of the interpretation. The current program is designed to extend the coverage over the two occurrences and thus define the anomaly in order to complete the interpretation.

In addition to the geophysical survey, Spider is also completing a perimeter survey around the originally staked claims. This survey is required should Spider elect to eventually bring the property to mining lease status.

The current program is funded entirely by Spider, however once this program is completed the funding obligation will shift to UC Resources Inc. ("UC"). UC plans on starting their exploration program on this project in early June, consisting of deep geophysical surveying, followed by diamond drilling any anomalies identified by the deep geophysical program.

UC, has an option to earn-in up to a 55% undivided interest in the McFauld's Lake project, which is currently owned, as to an undivided 50% interest, by each of Spider and KWG as per the LOI signed in early March 2007. UC shall then become the operator of the property during the term of their option.

The McFauld's Lake VMS project was initially discovered in 2002, while Spider, KWG and De Beers Canada Exploration Inc. in joint venture were exploring the project area for kimberlites. De Beers holds a 1.5% net smelter royalty on the project, 0.5% of which can be purchased from De Beers by Spider and KWG for $1.5 million. The claims outlined for the aforementioned perimeter survey define the property that De Beers has the royalty on.

To date, 10 isolated VMS occurrences have been identified and drill tested on the project, two of which have undergone detail drilling. UC plans to continue exploring this new VMS camp.

States Neil D. Novak, President & CEO of Spider Resources Inc.: "Spider is quite pleased to commence this late winter program on the McFaulds project. Spider management wanted to ensure UC and its management, that all of the preliminary work that needed to be done on this exciting project has been completed. The completion of the current gravity survey and the compilation of existing geophysical data for the project, is needed in order to plan the next more expensive round of exploration that includes deep electromagnetic surveying followed by deep drilling. Spider and UC are currently finalizing an updated NI 43-101 report, that summarizes the project results to date and will file same upon completion."

Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are 231,193,535 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
    #1000, 15 Toronto St. Toronto Ontario, M5C 2E3 Canada
    (416) 815-8666
    Spider Resources Inc.
    Jim Voisin
    Communications Manager
    (519) 699-5352
    Website: www.spiderresources.net