Spider Resources Inc.
TSX VENTURE : SPQ

Spider Resources Inc.

July 15, 2008 11:00 ET

Spider Resources Inc., KWG Resources Inc. and UC Resources Ltd. Receive Initial Resource Estimates for McFaulds Project

TORONTO, ONTARIO--(Marketwire - July 15, 2008) -

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Spider Resources Inc. (TSX VENTURE:SPQ) "Spider" and KWG Resources Inc. (TSX VENTURE:KWG) "KWG" and UC Resources Ltd. (TSX VENTURE:UC) "UC" are pleased to announce an initial Mineral Resource estimate for their McFaulds Lake project. The resource estimate was recently completed and delivered to Spider Resources Inc. as an internal memorandum dated July 10, 2008.

Dr. Howard Lahti, P.Geo., has reviewed and approved this internal memo, as prepared by Scott Wilson Roscoe Postle Associates Inc (Scott Wilson RPA) regarding initial Mineral Resource estimates for the McFaulds 1 and McFaulds 3 volcanic hosted massive sulphide ("VMS") deposits in the McFaulds Lake area of Northern Ontario. The resource estimates were made using drill hole data available as of August, 2007. The two estimates were based on 39 diamond core holes for the McFaulds 3 deposit totaling 12,114 metres in length and on 15 diamond core holes for the McFaulds 1 deposit totaling 4,715 metres in length. Dr. Lahti has reviewed and accepted the Mineral Resource estimates and is preparing a National Instrument 43-101 report on the project. The effective date of the resource estimate is July 10, 2008.

McFaulds 3 deposit

Using a cut-off grade of 1.5% Cu, Indicated Mineral Resources at the McFaulds 3 deposit are estimated to total 802,000 tonnes grading 3.75% Cu and 1.1% Zn.

A set of cross sections and plan views were interpreted to construct three-dimensional wireframe models at a cut-off grade of 1.5% Cu and a minimum true thickness of two metres. These criteria reflect a potential underground mining scenario. High copper and zinc grades were capped at 12% Cu and 8% Zn at McFaulds 3 deposit. Variogram parameters were interpreted from the composited assay values. Block model copper and zinc grades within the wireframe models were estimated by Ordinary Kriging for the McFaulds 3 deposit. Classification into the Indicated category was guided by the drill hole density, interpreted variogram ranges, the apparent continuity of the mineralized zones, and by available density determinations. See Table 1, following, for details.



INDICATED MINERAL RESOURCES (Table 1)
--------------------------------------------
Tonnage Grade Grade
--------------------------------------------
Deposit (tonnes) (% Cu) (% Zn)
--------------------------------------------
McFaulds 3 802,000 3.75 1.1
--------------------------------------------
Notes:
1. CIM definitions were followed for mineral resources.
2. The cut-off grade of 1.5% Cu was estimated using a copper price of
US$2.50/lb and assumed operating costs.
3. Grade-shell wireframes at 1.5% Cu and a minimum true thickness of
two metres were used to constrain the grade interpolation.
4. High copper and zinc grades were cut to 12% Cu and 8.0% Zn prior to
compositing to 1.5 metre lengths for the McFaulds 3 deposit.
5. Several blocks less than the cut-off values were included
for continuity.


McFaulds 1 deposit

Using a cut-off grade of 1.5% Cu Inferred Mineral Resources at the McFaulds 1 deposit are estimated at 279,000 tonnes grading 2.13% Cu and 0.58% Zn.

A set of cross sections and plan views were interpreted to construct three-dimensional wireframe models at a cut-off grade of 1.5% Cu and a minimum true thickness of two metres. These criteria reflect a potential underground mining scenario. High copper and zinc grades were capped at 5% Cu and 7% Zn at McFaulds 1 deposit prior to compositing to 1.5 metres. Block model copper and zinc grades within the wireframe models were estimated by inverse distance squared for the McFaulds 1 deposit. Classification into the Inferred categories was guided by the drill hole density, interpreted variogram ranges, the apparent continuity of the mineralized zones, and by estimating density determinations using similar types of deposits. See Table 2, following, for details.



INFERRED MINERAL RESOURCES (Table 2)
--------------------------------------------
Tonnage Grade Grade
--------------------------------------------
Deposit (tonnes) (% Cu) (% Zn)
--------------------------------------------
McFaulds 1 279,000 2.13 0.58
--------------------------------------------
Notes:
1. CIM definitions were followed for mineral resources.
2. The cut-off grade of 1.5% Cu was estimated using a copper price
of US$2.50/lb and assumed operating costs.
3. Grade-shell wireframes at 1.5% Cu and a minimum true thickness of
two metres were used to constrain the grade interpolation.
4. High copper and zinc grades were cut to 5% Cu and 7% Zn prior to
compositing to 1.5 metre lengths for the McFaulds 1 deposit.
5. Several blocks less than the cut-off values were included for continuity.


Mr. Neil Novak P.Geo., President and CEO of Spider states "We are pleased with the initial resource estimates for the first two deposits discovered in what was once a relatively underexplored area of Northern Ontario. The discoveries made by Spider working with joint venture partner KWG and De Beers Canada Exploration Inc., back in 2002 and 2003 have brought much attention to the Lowlands area of Ontario. UC entered the exploration scene here, in mid 2007 as part of an earn-in option agreement with Spider and KWG. Spider's tireless approach to exploration, coupled with persistence in working in what some consider extreme conditions has led to many additional discoveries by Noront Resources Ltd., Probe Mines Ltd., MacDonald Mines Exploration Inc. and now more recently WSR Gold Inc.,Metalex Ventures Ltd. and Arctic Star Resources Inc.'s JV. With the release of an initial resource estimate by Noront, only a few weeks ago, the area is now looking more and more promising. As the collective explorers, continue on their respective paths to discovery in the Ring of Fire area, each additional discovery may add to a critical mass that could bring the realization of a development project to this area to fruition. Spider will continue to work with other companies to overcome the exploration challenges of the area, and has committed itself to working with the respective First Nation Communities in the area to reach a mutually agreeable relationship, where all can benefit from each other's success."

The initial Mineral Resource estimates of the two deposits as described herein are preliminary in nature. The resources, as stated, are categorized as Inferred and Indicated, however they are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves., These estimated resources do not have demonstrable economic viability, as the results of an economic analysis of these mineral resources has not been done.

This release has been approved by Howard Lahti Ph.D. P.Geo., an Independent Qualified Person (IQP) as defined in National Instrument 43-101. 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 also Qualified Person as such term is defined under National Instrument 43-101. Mr. Novak in conjunction with Dr. Lahti, have reviewed and verified the technical information contained in 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 310,311,767 shares issued in Spider.

On behalf of the board of directors,

Neil Novak, President and CEO

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.

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