SPQ Spider Resources Com

Spider Resources Inc. (TSX VENTURE:SPQ)("Spider") along with joint venture
partner KWG Resources Inc. (TSX VENTURE:KWG)("KWG") announce the completion of a
drilling program on their jointly owned Wawa Diamond project. The 45 square
kilometre project straddles the Trans-Canada highway approximately 35 kilometres
north of the town of Wawa, Ontario.


In October, 2008, Spider / KWG completed a drill program entailing 4 short, HQ
core holes totalling 307 metres. The project was completed under the direct
auspices of James Burns, P.Eng. the newly appointed Vice President of
Exploration for Spider. The purpose of the recent drilling was to explore to
depth the main diamond occurrence that had been mapped and sampled over an area
300 meters by 15 meters (open to north and south) during 2005 and 2006.


These holes were designed to undercut a lamprophyre dyke that hosts numerous
diamond bearing xenoliths. This dyke had been previously exposed in 2004 / 2005
by mechanical stripping over a strike length in excess of 300 m. The dyke varies
in exposed width from 8 to 22 m, and dips an estimated 45 degrees towards the
northeast. Diamonds had been recovered from all but 2 of the 39 surface grab or
chip-channel samples collected from the length of the dyke. Diamonds had been
previously determined to be preferentially located in talc-actinolite xenoliths.
The most diamonds recovered were from a 30.11 kilogram sample of talc-actinolite
xenoliths (sample # LAL-04-234) which yielded 1351 diamonds with two dimensions
less than 0.5mm, 267 diamonds with two dimensions greater than 0.5mm and less
than 1.0mm and 14 diamonds with two dimensions greater than 1.0mm.


The holes were drilled on lines spaced 100 metres apart with an initial
inclination of -45 degrees towards the southwest to cut the dyke at
approximately 40 metres below surface. Samples were normally 1.0m in length;
each sample weighed approximately 10 kilograms.


Details of Drill Holes

Hole #1 was drilled at -45 degrees SW, and intersected the dyke between 61.2 and
68.4 metres. Xenolith content varied from 1 to 10 xenoliths per sample. The
maximum dimension of the xenoliths (as cut in the core) was less than 5 cm.
however one xenolith in sample #106 measured 15 cm.


Hole #2, also drilled at -45 degrees SW, cut a 5.25 metre interval of xenolith
bearing dyke between 64.1 and 69.35m. Xenolith content varied from 3 to 9 per
sample, and the maximum dimension of xenoliths was 6 cm.


Hole #3, drilled at -45 degrees SW, intersected two lamprophyre dykes - the main
dyke from 37.95 to 47.60m and the second 69.4 to 72.25m. Xenolith content varied
from 1 to 13 per sample, and xenolith size, although generally less than 6cm,
varied up to 15 cm.


Hole #4, drilled at -75 degrees SW, undercut Hole #3. This hole also cut two
dykes - an upper from 2.44 to 8.00m and the main dyke from 35.9 to 49.8m.
Xenolith content varied from 0 to 17 per sample. The maximum xenolith size cut
was 15 cm.


All 42 samples collected were of whole core, and these have been shipped to SGS
Lakefield for diamond recovery from representative 8 kg samples.


Quality Assurance / Quality Control

All samples from the drill program were selected by James Burns P.Eng. and
placed in individual bags and then sealed in plastic pails with an appropriate
lock seal attached to each pail. The pails were then shipped via bonded carrier
to SGS Lakefield's facility mineral processing facility in Lakefield Ontario.
The samples will undergo caustic dissolution analysis for micro diamond content
and will be reported upon after completion of the test work.


Details of Joint Venture with KWG

In May, 2006 Spider and KWG had collectively spent $2,077,353 on this project.
Spider elected to advance this project and was appointed manager. Under the
terms of the Wawa joint venture with KWG, the non-manager will not participate
in any program until the manager has spent an amount equal to its 50% interest
(for Wawa this equates to 50% of $2,077,353 or $1,038,677) thereby increasing to
66.67% its interest in the project. When the non-contributing party's interest
has thus been reduced to 33.33% it may elect to contribute to future programs to
maintain its interest, or be diluted down to a 10% working interest. At 10%, the
interest will be automatically converted into a 1% net proceeds from production
royalty in the case of diamonds, or a 1% net smelter royalty in the case of
precious metals (for primary precious metal deposits), or a 0.5% net smelter
royalty in the case of base metals.


About Spider

This press release has been prepared by management of Spider Resources Inc.,
which is the operator of the joint venture, and has been approved for
dissemination by Neil Novak P.Geo, President of Spider as well as James Burns
P.Eng. Vice President Exploration for Spider, both of whom are Qualified
Person(s) as such term as defined under National Instrument 43-101. Both have
reviewed and verified the technical information contained in this press release
and have approved the contents of 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

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 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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