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Message: Announces Cancellation of the Brokered Private Placement

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Announces Cancellation of the Brokered Private Placement

posted on Apr 22, 09 08:04AM

April 22, 2009

Spider Resources Inc. Announces Cancellation of the Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - April 22, 2009) -

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.

Spider Resources Inc. ("Spider" or the "Company")(TSX VENTURE:SPQ), announces that it has cancelled the brokered private placement of 78,750,000 common shares of Spider on a best efforts basis for gross proceeds of up to $4,725,000 that was previously announced on February 10, 2009. No subscriptions for the brokered private placement have been filled. The Company is currently re-arranging a new financing for the purpose of funding its expanded exploration program on Spider's projects in the McFauld's Lake area and for working capital 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. There are currently 316,211,767 common shares issued in Spider.

On behalf of the board of directors,

Neil Novak, President and CEO

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