Spider Resources Inc. Announces Proposed Private Placement

TORONTO, ONTARIO--(Marketwire - Sept. 24, 2007) - Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce that it has retained IBK Capital Corp. of Toronto, to undertake a proposed private placement.

The private placement on a best-efforts basis will consist of flowthrough and non-flowthrough shares. The amount to be raised in the private placement of flowthrough units is up to $1,550,000, consisting of up to 17,222,222 units. Each unit consists of one flowthrough share and one warrant at $0.09 per unit. One warrant allows the holder to acquire one common share of Spider at Can. $0.175 for a period of two (2) years from the date of issue.

The amount to be raised in the private placement of hard dollars is up to $700,000, consisting of up to 7,777,778 units at $0.09 per unit. Each unit consists of one common share and one warrant. One warrant allows the holder to acquire one common share of Spider at Can. $0.175 for a period of two (2) years from the date of issue.

The purpose of funds will be used to finance an expanded exploration program on Spider's projects in the McFauld's Lake area and to provide working capital for general corporate purposes.

A commission is payable to IBK Capital Corp. on the funds raised.