KWG, Spider end area-of-interest agreements

2009-09-16 10:48 ET - News Release

Also News Release (C-SPQ) Spider Resources Inc

Mr. Bruce Hodgman of KWG Resources reports

KWG APPOINTS CFO AND TERMINATES AREA OF INTEREST WITH SPIDER

KWG Resources Inc. and Spider Resources Inc. have terminated past area-of-interest agreements. As a result of the termination of these agreements yesterday, the parties will no longer be obliged to share acquisitions in any area of interest covered by the agreements, or have any obligation to each other regarding business opportunities in such areas of interest.

To enable KWG and Spider to act independently of each other, the parties have terminated agreements signed between them in April, 2003, and May, 2006. Following KWG's financial reorganization in 1998, the April, 2003, agreement consolidated various arrangements between the parties under a joint venture initially constituted in 1992. When KWG negotiated an option on a block of claims from Freewest Resources Canada Inc. in 2005, the area-of-interest provisions of the 2003 agreement dictated that the option be shared with Spider. A further agreement governing the equally earned optioned interests was completed by the parties in May, 2006.