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Spider Resources Inc. Announces Completion of Private Placement

17:03 EST Tuesday, December 30, 2008

TORONTO, ONTARIO--(Marketwire - Dec. 30, 2008) -

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Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce the completion, subject to final regulatory approvals, of the second closing of a previously announced private placement (see press release dated November 10, 2008). This second tranche comprised 1,200,000 flow-through units at a price of $0.05 per unit, for gross proceeds of $60,000. Total gross proceeds raised under both tranches of the financing was $295,000. Each unit consists of one common share of Spider (issued on a flow-through basis) and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share of Spider (which share shall not be issued on a flow-through basis) at a price of $0.05 for a period of one year from the date of issue and thereafter at a price of $0.10 for a period of two years from the date of issue.

The securities issued under the private placement will be subject to a hold period from the date of issuance until May 1, 2009 in accordance with applicable securities laws and TSX Venture Exchange policies.

Proceeds raised through this private placement will be used to finance an expanded exploration program on Spider's projects in the McFauld's Lake area.