Spider Resources Inc.: Significant Chromite Intersections Returned From Two Additional Holes-Big Daddy Chromite Deposit, James Bay Lowlands of Ontario

TORONTO, ONTARIO--(Marketwire - Jan. 15, 2009) - Spider Resources Inc. (TSX VENTURE:SPQ) "Spider", KWG Resources Inc. (TSX VENTURE:KWG) "KWG", and Freewest Resources Canada Inc. (TSX VENTURE:FWR) "Freewest" announce the receipt of additional assays from Holes FW-08-22 and 23, the last two holes drilled during 2008.

During 2008, the main exploration focus of the Spider-KWG Joint venture was the massive chromite occurrence that was first discovered on the Freewest Option property in March of 2006. As a result of the 2008 drilling program that included 19 drill holes, 14 of which continued the testing of this chrome occurrence, the occurrence is now referred to as the "Big Daddy Chromite Deposit". This deposit is located approximately 3.6 kilometers northeast of Noront Resources Ltd's ("Noront") Eagle One Magmatic Massive Sulphide (Nickel Copper and PGM), or five 5 kilometers northeast of Noront's Blackbird (Chromite) discoveries, as well as 4 kilometers southwest of Freewest's Black Thor Chromite discoveries.

ASSAY DATA RECENTLY RECEIVED FOR BIG DADDY

Analytical results have recently been finalized for two holes drilled in October 2008: FW-08-22, and FW-08-23. Each of these holes intersected massive chromite as previously announced (December 15, 2008). The following table (Table 1) provides details of assays received from the two holes not previously reported.

Table 1: Recently received analysis


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Hole ID    from    to   int Cr203    Cr    Fe  Cr:   Ni   Pt   Pd   Au   TPM
             (m)   (m)   (m)    %     %     %   Fe    %  g/t  g/t  g/t   g/t
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FW-08-22   54.3  57.0   2.7  6.12  4.19  9.57 0.44 0.08 0.05 0.05 0.01  0.11
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followed
by        192.2 298.5 106.4 19.42 13.28 11.34 1.17 0.14 0.13 0.15 0.01  0.29
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including 263.7 298.5  34.8 42.08 28.79 15.92 1.81 0.11 0.19 0.17 0.01  0.37
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then      298.5 303.0   4.5   nsv   nsv   nsv  nsv 0.08 0.43 0.85 0.05  1.33
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FW-08-23  263.5 376.5 113.0 17.65 12.07 11.04 1.09 0.13 0.11 0.13 0.00  0.25
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including 334.5 376.5  42.0 34.96 23.92 13.95 1.71 0.11 0.18 0.13 0.01  0.32
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including 353.0 372.0  19.0 40.00 27.37 14.81 1.85 0.10 0.20 0.10 0.01  0.30
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followed
by        378.0 382.0   4.0 40.84 27.94 16.75 1.67 0.11 1.08 1.50 0.08  2.66
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nsv refers to no significant values.

The above tabulation of drill intercepts and assay results are core lengths only, and do not represent true width for the mineralized zones. Additional drilling is required to determine true widths. Cr:Fe ratios as presented herein are based upon whole rock analyses, where Cr content is low, the ratio becomes less meaningful, as the Fe in the silicate portion tends to dilute the Cr in this calculation, but does not dilute the Cr contained within the mineral chromite, more metallurgical work is needed to fully understand this.
As previously announced, (December 15, 2008) diamond drilling by the Spider/KWG JV on the Freewest Option property has identified a northeast trending zone of continuous chromite mineralization that extends from local grid line 9+00 meters NE to 13+00 metres NE along a strike length of 400 metres. The mineralized zone dips towards the NW at about 70 degrees and consists of varying widths of a variable tenor, in many instances high tenor of chrome, forming a series of stacked beds. Additional infill drilling will be required to confirm continuity of the beds from section to section. The deposit remains open to depth as well as along strike in both directions. In addition, drilling to confirm the upward extension of the mineralization to surface has not been completed. All drill and assay results are being added to a 3-D Gemcom model to visualize the chromite body. A number of faults were noted from the drilling, some of which occur at the contact of the chromite with the surrounding peridotite/dunite; these fault sets are also being modeled as they also affect the interpretation and continuity of the mineralization from section to section.

All drilling on the Big Daddy Chrome Deposit took place with reference to a local drill grid, labeled Grid J. The drills were set to drill grid south normally at 150 degrees in most instances, and the initial dip of each hole was set at -50 degrees. Table 2 provides drill collar co-ordinates for these five holes, as well as other holes previously drilled (and reported upon) on the Big Daddy Chrome occurrence, all azimuth directions are true North readings. The UTM spheroid used for determining location was NAD 83 Zone 16, both UTM and local grid co-ordinates are given.

Table 2 Drill hole locations for Big Daddy Chrome Deposit


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Hole ID          UTM       UTM     Local     Local  Azimuth  Incli-  Length
             Easting  Northing      Grid      Grid  degrees  nation      (m)
                  (m)       (m)  Easting  Northing          degrees         
                                      (m)       (m)                     
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                                                        120     -50
FW-06-03      551087   5845306    10+00E   15+25N   degrees degrees   353.5
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                                                        150     -50
FW-08-05      551050   5845367   L10+00E   16+00N   degrees degrees     327
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                                                        150     -50
FW-08-06      550959   5845324    L9+00E   16+00N   degrees degrees     384
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                                                        150     -50
FW-08-07      551136   5845427   L11+00E   16+00N   degrees degrees   405.7
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                                                        150     -50
FW-08-12      551111   5845472   L11+00E   16+50N   degrees degrees     354
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                                                        150     -50
FW-08-13      551164   5845384   L11+00E   15+50N   degrees degrees     297
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                                                        150     -50
FW-08-14      551180   5845451   L11+50E   16+00N   degrees degrees     189
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                                                        150     -50
FW-08-15      551158   5845494    11+50E   16+50N   degrees degrees     240
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                                                        150     -50
FW-08-18      551192   5845511    12+00E   16+50N   degrees degrees     255
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                                                        150     -50
FW-08-19      551168   5845554    12+00E   17+00N   degrees degrees     273
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                                                        150     -50
FW-08-20      551134   5845599    12+00E   17+50N   degrees degrees     357
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                                                        150     -50
FW-08-21      551118   5845650    12+00E   18+00N   degrees degrees     447
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                                                        150     -50
FW-08-22      551208   5845693    13+00E   18+00N   degrees degrees     330
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                                                        150     -50
FW-08-23      551171   5845732    13+00E   18+50N   degrees degrees     424
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Hole FW-08-22 on local grid section L13+00E intersected two main areas of chromite mineralization, including a short (2.7 metres) section between 54.3 and 57.0 metres that returned 6.12% Cr2O3. Further down this hole, a much wider zone (106.4 metres) of chromite mineralization was encountered between 192.2 and 298.5 metres that averaged 19.41% Cr2O3, including a much higher grade interval between 263.7 and 298.5 metres (34.8 metres) that averaged 42.08% Cr2O3 that exhibits a favourable Cr:Fe ratio of 1.81. The chromite mineralization was followed by a 4.5 metre section between 298.5 and 303 metres downhole that averaged 1.33 total precious metals.

Hole FW-08-23 on local grid section L13+00E undercut hole FW-08-22 and intersected a well mineralized chrome section over 114.5 meters containing an average of 17.65% Cr2O3, including a much stronger mineralized section where a 43.5 meter zone of massive chromite averaged 34.96% Cr2O3 including a 19.0 meter section averaging containing 40.0% Cr2O3 with a Cr:Fe ratio of 1.85. Then between 378.0 and 382.0 a 4 metre drill interval averaged 40.84% Cr2O3 as well as total precious metals of 2.66 g/t. The latter intercept also has a very favourable Cr:Fe ratio of 1.67.

CURRENT PROGRAM

Crews mobilized to the field on January 8th to resume the linecutting program in preparation for the 2009 program, details of which were announced December 15th 2008. The current approved phase of exploration includes: line cutting (re-establishing a 2004 drill grid - the J grid - including extensions thereto), ground geophysical surveying (including magnetic gradiometer and gravimetric surveying), re-logging of historical core to standardize lithological units, infill sampling of zones of weaker chromite mineralization, as well as the preparation of a NI-43-101 technical report on the project. The preparation of this NI 43-101 report was awarded to Micon International Ltd. a world recognized consulting firm, with expertise in chromite deposits, the geologist assigned to this has recently visited the project site as required during Micon's review of the project.

Future plans, yet to be approved by the Joint Venture committee, include the continued exploration of the project by extensive diamond drilling to delineate and to continue to expand the resource potential of the Big Daddy Chrome Deposit.

JOINT VENTURE MATTERS

Spider and Joint Venture partner KWG (the optionees), recently received confirmation notice from Freewest (the optionor), that: (i) pursuant to section 2.04 of the Agreement, each of KWG and Spider has incurred an aggregate of $1,500,000 of Expenditures on or before October 31, 2009, of which at least $200,000 was incurred on or before February 28, 2006; and (ii) accordingly, each of KWG and Spider has earned a 25% interest in the Property pursuant to section 2.07 (a) of the Agreement.

SAMPLE PROTOCOL, SECURITY, ANALYSES

All drill holes were logged and samples referred to herein were completed and selected under the supervision of Howard Lahti Ph.D., P.Geo, of Fredericton New Brunswick. The samples were sawn in half, with half of the core retained for further work and/or storage at the main base camp at McFaulds Lake. The split samples were placed into individual plastic bags, clearly labeled and tagged and then sealed in rice bags where a numbered seal lock was applied. The sealed rice bags were shipped via bonded carrier to Activation Laboratory's (ActLab) new facility in Thunder Bay, Ontario. The samples were then entered into ActLab's system for preparation, processing and analyzing. After initial processing at the Thunder Bay facility of ActLab the samples were shipped via lab - lab bonded courier to ActLab's main laboratory in Ancaster, Ontario. The samples all underwent multi-element analysis using four acid digestion followed by Inductively Coupled Plasma analysis (TD-ICP). Where over-limits in nickel and copper are encountered in the first pass, Optical Emission Spectrometry (ICP-OES) is used to provide the over-limit results, while Fire Assay Inductively Coupled Plasma (FA-ICP) is used for over limits in gold, platinum and palladium. Additional analyses using Instrumental Neutron Activation Analysis (INAA) were completed for all samples for their chrome contents in excess of 1% chrome. For more information on these analytical techniques please refer to Activation Laboratory website www.actlabs.com

ABOUT SPIDER

This press release has been prepared by management of Spider Resources Inc., which is the operator of the joint venture with KWG, and has been approved for dissemination by Neil Novak P.Geo, President of Spider and James G. Burns, P.Eng. Vice President Exploration for Spider, both being Qualified Persons as such term are defined under National Instrument 43-101, who have reviewed and verified the technical information contained in this press release and have approved the contents of 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 316,211,767 shares issued in Spider.

On behalf of the board of directors,

Neil Novak, President and CEO