(via Thenewswire.ca)

TORONTO, ONTARIO (June 21, 2010) - Spider Resources Inc. ("Spider") (TSXV: SPQ) announces that Spider notified KWG Resources Inc. ("KWG") that Cliffs Natural Resources Inc. ("Cliffs") had made a proposal to obtain Spider's support for an acquisition of Spider by Cliffs at a price of $0.165 in cash per Spider share, subject to certain conditions (the "Cliffs $0.165 Proposal"). Spider has also provided details of the Cliffs $0.165 Proposal to KWG as required under the Combination Agreement. On June 14, 2010, Spider announced that the board of directors of Spider had determined that the Cliffs $0.165 Proposal was a "Superior Proposal" within the meaning of the combination agreement dated June 11, 2010 between Spider and KWG (the "Combination Agreement"). Please refer to Spider's press release dated June 14, 2010 for more details about the Cliffs $0.165 Proposal.

Under the terms of the Combination Agreement, for 5 business days following the notification of KWG by Spider of the Cliffs $0.165 Proposal, KWG has the opportunity, but not the obligation, to amend the terms of the Combination Agreement. The deadline for KWG to match the Cliffs $0.165 Proposal was initially set to expire on June 21, 2010. The deadline was extended as a result of modification of the Cliffs $0.165 Proposal to take into account the terms of the Combination Agreement between Spider and KWG dated as of June 11, 2010 which was made publicly available on June 15, 2010. The deadline for KWG to match the Cliffs $0.165 Proposal will now expire at 12:01 a.m. (Eastern time) on June 24, 2010.

Under the terms of the Combination Agreement with Spider, if KWG does not make an offer to match the Cliffs $0.165 Proposal by 12:01 a.m. (Eastern time) on June 24, 2010, then Spider may terminate the Combination Agreement in accordance with the terms of the Combination Agreement.

In light of these developments, the board of directors of Spider has determined to extend the Separation Time (as defined in Spider's Shareholder Rights Plan) until June 28, 2010.

About Spider Resources Inc.Spider Resources Inc. is the "Spark that set off the Ring of Fire". Spider, the Pioneer Explorer in the James Bay Region of Northern Ontario since 1993 was responsible for the discovery of eight kimberlites (1994-95), ten VMS occurrences, including two VMS deposits (2002-2006) and one chromite deposit (2006). Regional geophysical surveys and other exploration efforts as initially conducted by Spider formed the exploration data-set that led to the first discovery of chromite in the area in February 2006, in a peridotite intrusion, and about a year later lead to the eventual discovery of additional chromite deposits and related magmatic massive sulphide nickel deposits by others. 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 550,073,446 shares issued in Spider. Spider has approximately $9 million in working capital at present of which $1.8 million is restricted for flow through expenditures.

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

NEIL D. NOVAK, P.Geo. President and CEO Direct: 416-203-8636 Email: info@spiderresources.com Website: www.spiderresources.com

Laurel Hill Advisory GroupToll Free: 1-877-304-0211 Email: assistance@laurelhillag.com

Neil Simon, Investor Relations Principal, Investor Cubed Inc. Fax: (416) 640 7771 Toll Free 1 888 258 3323

This press release, required by applicable Canadian securities law, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom. This press release includes certain "Forward-Looking Information" within the meaning of the Securities Act (Ontario). Other than statements of historical fact, all information is "Forward-Looking Information" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on this "Forward-Looking Information". All dollar amounts are Canadian dollars unless otherwise noted. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

(Not for dissemination in the United States of America)