SPQ Spider Resources Com

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. (TSX VENTURE:SPQ) "Spider" and KWG Resources Inc. (TSX
VENTURE:KWG) "KWG" and UC Resources Ltd. (TSX VENTURE:UC) "UC" are pleased to
announce an initial Mineral Resource estimate for their McFaulds Lake project.
The resource estimate was recently completed and delivered to Spider Resources
Inc. as an internal memorandum dated July 10, 2008.


Dr. Howard Lahti, P.Geo., has reviewed and approved this internal memo, as
prepared by Scott Wilson Roscoe Postle Associates Inc (Scott Wilson RPA)
regarding initial Mineral Resource estimates for the McFaulds 1 and McFaulds 3
volcanic hosted massive sulphide ("VMS") deposits in the McFaulds Lake area of
Northern Ontario. The resource estimates were made using drill hole data
available as of August, 2007. The two estimates were based on 39 diamond core
holes for the McFaulds 3 deposit totaling 12,114 metres in length and on 15
diamond core holes for the McFaulds 1 deposit totaling 4,715 metres in length.
Dr. Lahti has reviewed and accepted the Mineral Resource estimates and is
preparing a National Instrument 43-101 report on the project. The effective date
of the resource estimate is July 10, 2008.


McFaulds 3 deposit

Using a cut-off grade of 1.5% Cu, Indicated Mineral Resources at the McFaulds 3
deposit are estimated to total 802,000 tonnes grading 3.75% Cu and 1.1% Zn.


A set of cross sections and plan views were interpreted to construct
three-dimensional wireframe models at a cut-off grade of 1.5% Cu and a minimum
true thickness of two metres. These criteria reflect a potential underground
mining scenario. High copper and zinc grades were capped at 12% Cu and 8% Zn at
McFaulds 3 deposit. Variogram parameters were interpreted from the composited
assay values. Block model copper and zinc grades within the wireframe models
were estimated by Ordinary Kriging for the McFaulds 3 deposit. Classification
into the Indicated category was guided by the drill hole density, interpreted
variogram ranges, the apparent continuity of the mineralized zones, and by
available density determinations. See Table 1, following, for details.




   INDICATED MINERAL RESOURCES (Table 1)
--------------------------------------------
              Tonnage      Grade      Grade
--------------------------------------------
Deposit       (tonnes)     (% Cu)     (% Zn)
--------------------------------------------
McFaulds 3    802,000       3.75        1.1
--------------------------------------------
Notes:
1. CIM definitions were followed for mineral resources.
2. The cut-off grade of 1.5% Cu was estimated using a copper price of
   US$2.50/lb and assumed operating costs.
3. Grade-shell wireframes at 1.5% Cu and a minimum true thickness of
   two metres were used to constrain the grade interpolation.
4. High copper and zinc grades were cut to 12% Cu and 8.0% Zn prior to
   compositing to 1.5 metre lengths for the McFaulds 3 deposit.
5. Several blocks less than the cut-off values were included
   for continuity.



McFaulds 1 deposit

Using a cut-off grade of 1.5% Cu Inferred Mineral Resources at the McFaulds 1
deposit are estimated at 279,000 tonnes grading 2.13% Cu and 0.58% Zn.


A set of cross sections and plan views were interpreted to construct
three-dimensional wireframe models at a cut-off grade of 1.5% Cu and a minimum
true thickness of two metres. These criteria reflect a potential underground
mining scenario. High copper and zinc grades were capped at 5% Cu and 7% Zn at
McFaulds 1 deposit prior to compositing to 1.5 metres. Block model copper and
zinc grades within the wireframe models were estimated by inverse distance
squared for the McFaulds 1 deposit. Classification into the Inferred categories
was guided by the drill hole density, interpreted variogram ranges, the apparent
continuity of the mineralized zones, and by estimating density determinations
using similar types of deposits. See Table 2, following, for details.




    INFERRED MINERAL RESOURCES (Table 2)
--------------------------------------------
              Tonnage      Grade      Grade
--------------------------------------------
Deposit       (tonnes)     (% Cu)     (% Zn)
--------------------------------------------
McFaulds 1    279,000       2.13       0.58
--------------------------------------------
Notes:
1. CIM definitions were followed for mineral resources.
2. The cut-off grade of 1.5% Cu was estimated using a copper price
   of US$2.50/lb and assumed operating costs.
3. Grade-shell wireframes at 1.5% Cu and a minimum true thickness of
   two metres were used to constrain the grade interpolation.
4. High copper and zinc grades were cut to 5% Cu and 7% Zn prior to
   compositing to 1.5 metre lengths for the McFaulds 1 deposit.
5. Several blocks less than the cut-off values were included for continuity.



Mr. Neil Novak P.Geo., President and CEO of Spider states "We are pleased with
the initial resource estimates for the first two deposits discovered in what was
once a relatively underexplored area of Northern Ontario. The discoveries made
by Spider working with joint venture partner KWG and De Beers Canada Exploration
Inc., back in 2002 and 2003 have brought much attention to the Lowlands area of
Ontario. UC entered the exploration scene here, in mid 2007 as part of an
earn-in option agreement with Spider and KWG. Spider's tireless approach to
exploration, coupled with persistence in working in what some consider extreme
conditions has led to many additional discoveries by Noront Resources Ltd.,
Probe Mines Ltd., MacDonald Mines Exploration Inc. and now more recently WSR
Gold Inc.,Metalex Ventures Ltd. and Arctic Star Resources Inc.'s JV. With the
release of an initial resource estimate by Noront, only a few weeks ago, the
area is now looking more and more promising. As the collective explorers,
continue on their respective paths to discovery in the Ring of Fire area, each
additional discovery may add to a critical mass that could bring the realization
of a development project to this area to fruition. Spider will continue to work
with other companies to overcome the exploration challenges of the area, and has
committed itself to working with the respective First Nation Communities in the
area to reach a mutually agreeable relationship, where all can benefit from each
other's success."


The initial Mineral Resource estimates of the two deposits as described herein
are preliminary in nature. The resources, as stated, are categorized as Inferred
and Indicated, however they are considered too speculative geologically to have
the economic considerations applied to them that would enable them to be
categorized as mineral reserves., These estimated resources do not have
demonstrable economic viability, as the results of an economic analysis of these
mineral resources has not been done.


This release has been approved by Howard Lahti Ph.D. P.Geo., an Independent
Qualified Person (IQP) as defined in National Instrument 43-101. This press
release has been prepared by management of Spider Resources Inc., and has been
approved for dissemination by Neil Novak, P.Geo, President of Spider and also
Qualified Person as such term is defined under National Instrument 43-101. Mr.
Novak in conjunction with Dr. Lahti, have reviewed and verified the technical
information contained in this press release. 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 310,311,767 shares issued in Spider.


On behalf of the board of directors,

Neil Novak, President and CEO

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 Statements" within the
meaning of the US Private Securities Reform Act of 1995. Other than statements
of historical fact, all statements are "Forward-Looking Statements" 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 these
"Forward-Looking Statements". All dollar amounts are Canadian dollars unless
otherwise noted.

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