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SPIDER RESOURCES INC. ANNOUNCES COMPLETION OF THE THIRD AND FINAL TRANCHE OF FLOW, THROUGH AND NON FLOW, THROUGH PRIVATE PLACEMENTS RAISING AN AGGREGATE AMOUNT OF $4.1 MILLION

07:44 EST Monday, January 25, 2010

(via Thenewswire.ca)

TORONTO, ONTARIO (January 25, 2010) Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), is pleased to announce the completion of the final tranche of its private placement on January 22, 2010, which was previously announced on December 16, 2009. An aggregate of 9,823,336 flow-through units ("Flow-Through Units"), at a price of $0.06 per unit, and 23,310,000 non flow-through units ("Units"), at a price of $0.05 per Unit, were issued to subscribers on January 22, 2010, for aggregate gross proceeds of $1,754,900, subject to receipt of final regulatory approvals. The final tranche was part of a larger offering of 48,496,667 flow-through units and 23,310,000 Units, pursuant to which Spider raised aggregate gross proceeds of approximately $4.1 million. Sandfire Securities Inc. acted as agent in respect of the offering.

Each Flow-Through Unit consists of one common share (issued on a flow-through basis) and one non flow-through common share purchase warrant ("Warrant"). Each Unit consists of one common share and one Warrant. Each full Warrant entitles the holder to acquire one common share (which share shall not be issued on a flow-through basis) at a price of $0.10 for a period of two years from the applicable closing date.

In connection with the closing of the final tranche, Spider paid cash commissions in the amount of $140,392 and issued non-transferrable compensation options (the "Agent Options") to purchase up to 3,313,334 Units (the "Agent Units"), of which 982,334 Agent Units are exercisable at an exercise price of $0.06 per Agent Unit and 2,331,000 Agent Units are exercisable at an exercise price of $0.05 per Agent Unit. The Agent Options are exercisable at any time before 5:00 p.m. (Toronto time) on January 22, 2012. Each Agent Unit consists of one common share and one Warrant exercisable to acquire one common share at an exercise price of $0.10 per share on or before 5:00 p.m. (Toronto time) on the day that is 24 months from January 22, 2010.

The securities issued under the private placement are subject to a hold period from the date of issuance until May 23, 2010, as the case may be, 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 and for general corporate purposes.

About Spider Resources Inc.Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. After giving effect to the Offering, there are currently 464,021,767 common shares issued in Spider.On behalf of the board of directors,Neil Novak, President and CEO

For further information concerning Spider Resources Inc., please contact:

Neil Novak, P.Geo. or Rick Hamelin

President and CEO VP Finance

Tel: (416) 203 8636 Investor Relations

Fax: (416) 815 1355 Tel: (561) 693-6906

Email: info@spiderresources.com Website: www.spiderresources.com