THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS OF SPIDER RESOURCES INC. RECONFIRMS THE CLIFFS OFFER FOR SPIDER OF $0.19 IN CASH IS A SUPERIOR PROPOSAL

TORONTO, ONTARIO – (June 30, 2010) – The Special Committee of the board of directors of Spider Resources Inc. ("Spider") (TSX VENTURE: SPQ) met yesterday with its independent legal advisers and financial advisor to address the announcement by KWG Resources Inc. ("KWG") of June 29, 2010 in respect of the revised proposal by Cliffs Natural Resources Inc. ("Cliffs") to obtain Spider’s support for Cliffs’ amended take-over bid for Spider shares at $0.19 per share in cash (the "Cliffs $0.19 Offer").

KWG announced yesterday that the special committee of the KWG board of directors determined that the Cliffs $0.19 Offer was not a "Spider Superior Proposal" under the combination agreement dated June 11, 2010 between Spider, KWG and a wholly-owned subsidiary of KWG (the "Combination Agreement") as compared to the amended terms of the Combination Agreement that were proposed by KWG to Spider on June 23, 2010 (the "KWG Proposed Amendment"). Please refer to Spider's press release dated June 25, 2010 for more information about the KWG Proposed Amendment.

In light of KWG’s announcement of yesterday, Spider wishes to announce that the Special Committee of the Spider board of directors reconfirmed yesterday its determination of June 25, 2010 that the Cliffs $0.19 Offer is a "Spider Superior Proposal" under the Combination Agreement as compared to the KWG Proposed Amendment. The determination as to whether a proposal is a "Spider Superior Proposal" under the Combination Agreement is one to be made by Spider’s directors only, and as such is not a decision that can be made by KWG pursuant to the Combination Agreement. KWG has the right, but is not obligated, to match the Cliffs $0.19 Offer pursuant to the terms of the Combination Agreement.

As previously announced by Spider, the Spider board of directors, acting upon the unanimous recommendation of its Special Committee and after obtaining advice of its financial and legal advisors, had appropriately determined on June 25, 2010 that the Cliffs $0.19 Offer was a "Spider Superior Proposal" within the meaning of the Combination Agreement based on its extensive analysis of the KWG Proposed Amendment. Please refer to Spider’s press release dated June 28, 2010 for more information concerning the Cliffs $0.19 Offer.

TD Securities Inc. continues to provide financial advisory services to Spider’s Special Committee in connection with Spider’s potential merger or acquisition.

In addition, Laurel Hill Advisory Group continues to be available to take shareholders’ questions in relation to the potential merger or acquisition of Spider.