Spider Resources Inc.

Spider Resources Inc.

March 07, 2005 12:00 ET

Spider Resources Inc.: More Drill Hole Results From the Winter Program at McFaulds Lake #3


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SPIDER RESOURCES INC.

TSX VENTURE SYMBOL: SPQ

MARCH 7, 2005 - 12:00 ET

Spider Resources Inc.: More Drill Hole Results From
the Winter Program at McFaulds Lake #3

TORONTO, ONTARIO--(CCNMatthews - March 7, 2005) - Spider Resources Inc.
(TSX VENTURE:SPQ) -

- Hole 60 - 7.16 meters grading 1.9% copper

- Hole 61 - 3.5 meters grading 2.2% copper

Spider Resources Inc. ("Spider") and joint venture partner KWG Resources
Inc. ("KWG") announce that the receipt of the assay results for the
Third and fourth holes of the winter drilling program. Drill-hole
McF-05-60 intersected a total of 7.16 meters grading 1.9% Copper and
within drill-hole McF-05-61 intersected 3.5 meters grading 2.2% Copper
and within these intervals narrower intervals of higher grade copper was
reported.

The massive sulphide mineralization is similar in nature and geological
setting to that observed in drill-hole McF-04-57 where 18.8 meters of
8.02% copper reported last fall (8 Nov 2004).



---------------------------------------------------------------------
Hole
Number Section Northing Dip from to int.
---------------------------------------------------------------------
McF-05-60 7+75NE 2+00NW -48 206.6 213.76 7.16

McF-05-61 8+50NE 3+00NW -62 353.6 357.1 3.5
---------------------------------------------------------------------

---------------------------------------------------------------------
Previously Announced (8 Nov '04)
MCF-04-57 L8+00E 1+75N -70 238.8 257.6 18.8
Previously Announced (17 Mar '05)
McF-05-58 7+75NE 2+00NW -65 266.5 275.7 9.20
McF-05-59 7+75NE 2+00NW -70.5 285.04 293.58 8.54
---------------------------------------------------------------------


---------------------------------------------------------------------
Hole Au Ag
Number Section Northing Cu% Zn% (g/t) (g/t)
---------------------------------------------------------------------
McF-05-60 7+75NE 2+00NW 1.91 0.180 0.21 4.8

McF-05-61 8+50NE 3+00NW 2.19 0.009 0.61 5.0
---------------------------------------------------------------------

---------------------------------------------------------------------
Previously Announced (8 Nov '04)
MCF-04-57 L8+00E 1+75N 8.02 0.05
Previously Announced (17 Mar '05)
McF-05-58 7+75NE 2+00NW 5.72 0.022 0.47 13.3
McF-05-59 7+75NE 2+00NW 7.91 0.001 0.57 17.6
---------------------------------------------------------------------


Drill-hole 60 was targeted to over cut drill-hole 59 and bracket the top
of the westward extent of the copper mineralization located in Holes 57,
58 and 59. The data demonstrates the gradation of the copper into zinc
which becomes more predominant higher in the section and closer to
surface. Hole 61 was designed to be a 50 meter step out to the east
(north east) of the section hosting hole number 57 and it was designed
to test the same horizontal elevation as drill-holes 57 and 58. This
hole flattened while being drilled and missed the target elevation.

Drill-hole McF-05-62 drilled on section 8+50 was designed to test a
deeper section of the volcanic stratigraphy down plunge from the copper
bearing drill-holes on sections 7+75 NE and 8+00NE. Hole 62 intersected
20 meters of massive magnetite with minor bands of chalcopyrite. With
this information in hand the drill was moved to the McFaulds occurrence
(deposit) where the DHIP geophysical survey showed a deep (500m-550m)
untested anomaly within downwardly projected horizon hosting the
McFaulds#1 mineralization. The drill has intersected the downward
projection of the zinc mineralization in of the McFaulds #1 Zone and has
entered a hard massive rhyolite breccia.

Elsewhere, on the joint venture properties, the preliminary results of
the VTEM airborne survey have been received. Five (5) significant
magnetic-electromagnetic anomalies with a total strike length in excess
of 6.0 kilometers have been identified by the Joint venture from the
preliminary data. Two of these anomalies are located in the western end
of the claim block with one covering 10 flight lines (1.5 Kilometers
long) and the second being significantly longer and formational in
nature. Grids are being cut on the best portion of the targets in
preparation for drilling this summer.

On the MacFadyen Project drilling will commence this week to complete
the hole started last year. This hole is designed to intersect the deep
magnetic dike-like structure located peripheral to the five (5)
kimberlite pipes discovered on this property. These pipes and the
magnetic target are located approximately 2 kilometers to the east of
DeBeers Tango and Tango Extension, and 8 kilometers northwest of the
DeBeers Victor Diamond Mine Project.

Finally, the joint venture awaits results from SGS Lakefield on work
preformed on 2 5-tonne bulk samples collected from the Wawa Property
last fall.

All analytical results reported herein are from samples selected during
the normal logging process of the drill core as conducted by either
Howard Lahti (Ph.D., P.Geo.) or James Burns (P.Eng.) both acting as
Independent Qualified Persons ("IQP's") for the project. Samples were
individually bagged and delivered from the field office of the joint
venture at McFaulds Lake, to ALS Chemex's sample preparation facility in
Thunder Bay, Ontario. There they were crushed, split and then sent via
bonded air carrier to the ALS Chemex Laboratory in Vancouver, B.C. where
the samples were analyzed using ME-MS61 (4-acid digestion - ICP finish)
multi-element analysis. The lab using AA-62 (4-acid digestion - AA
finish) for high-grade analysis reprocessed all samples reported as
over-limit internally. Neil Novak (P.Geo.) in his capacity as project
manager is responsible for the technical content of this press release.

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 195,063,062 shares issued.

On Behalf of the Board of Directors

Bryan Wilson

President and CEO

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

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Spider Resources Inc.
    Jim Voisin
    Communication Manager
    (519) 699-5352
    or
    Spider Resources Inc.
    Neil Novak
    Chief Operating Officer, VP Exploration
    (416) 815-8666
    The TSX Venture Exchange has NOT reviewed this release and it does not
    accept responsibility for its adequacy or accuracy.