Jul. 27, 2010 (Business Wire) -- Regulatory News:

Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that it has increased its ownership of Spider Resources Inc. (“Spider”) (TSXV: SPQ) to 85% after taking up and paying for an additional 22.2 million Spider shares validly tendered to its offer (the “Offer”) that expired on July 26, 2010.

Cliffs intends to proceed with a going private amalgamation transaction to acquire the remaining shares of Spider according to the provisions of the applicable corporate and securities laws. Cliffs expects that this transaction will be completed in the fourth quarter of 2010.

Spider has a total of 660,683,773 shares outstanding, calculated on a fully-diluted basis, according to the latest information from Spider. Cliffs currently owns 561,283,742 shares, up from 539,119,126 shares or approximately 82% on July 16, 2010. The price under the expired Offer was Cdn.$0.19 per Spider share, implying a total equity value for Spider of Cdn.$125.5 million.

Spider shareholders, banks and brokers with questions regarding the squeeze-out transaction process should contact Georgeson, Cliffs’ information agent, toll free at 1-866-656-4120. Georgeson can also be contacted via email at askus@georgeson.com.

To be added to Cliffs Natural Resources’ e-mail distribution list, please click on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html.

ABOUT CLIFFS NATURAL RESOURCES INC.

Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, we are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:

The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Canada and two coking coal mining complexes located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The Latin America business unit includes a 30% interest in the Amapá Project, an iron ore project in the state of Amapá in Brazil.

Other projects under development include a biomass production plant in Michigan and Ring of Fire chromite properties in Ontario, Canada. Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.