Spider Resources Inc. Announces Cancellation of the Brokered Private Placement

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.


Spider Resources Inc. ("Spider" or the "Company")(TSX VENTURE:SPQ), announces
that it has cancelled the brokered private placement of 78,750,000 common shares
of Spider on a best efforts basis for gross proceeds of up to $4,725,000 that
was previously announced on February 10, 2009. No subscriptions for the brokered
private placement have been filled. The Company is currently re-arranging a new
financing for the purpose of funding its expanded exploration program on
Spider's projects in the McFauld's Lake area and for working capital purposes.


About Spider Resources Inc.

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
316,211,767 common shares issued in Spider.


On behalf of the board of directors,

Neil Novak, President and CEO

Corporate Office: 50 Richmond Street East, Suite 101, Toronto, ON M5C 1N7

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.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


Please visit our Website: www.spiderresources.com

Spider Resources Com (TSXV:SPQ)
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