SPQ Spider Resources Com

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Spider Resources Inc. (TSX VENTURE:SPQ) ("Spider"), is pleased to announce that
it has entered into a financing agreement with Sandfire Securities Inc. and
Northern Securities Inc., acting as co-lead agents, to use their best efforts to
complete a private placement for gross proceeds of up to $5.0 million (the
"Offering"). The private placement will consist of up to $2,000,000 worth of
units (the "Units") at a price of $0.05 per Unit and up to $3,000,000 worth of
flow-through units (the "Flow-Through Units") at $0.06 per Flow-Through Unit. 


Each Unit will consist of one common share ("Common Share") and one Common Share
purchase warrant ("Warrant"). Each Flow-Through Unit will consist of one
flow-through common share and one Warrant. Each whole Warrant will entitle its
holder to subscribe for one Common Share of Spider at a price of $0.10 per share
for a period of 24 months following the closing of the Offering. 


The Offering is scheduled to close on or about December 23, 2009 and is subject
to regulatory approval. 


The gross proceeds of the flow-through portion of the Offering will be used for
exploration and development of Spider's mineral projects and the net proceeds of
the unit portion of the Offering will be used for general corporate purposes and
to pay the expenses associated with the Offering. 


Under applicable securities legislation, the securities to be issued in the
proposed private placement will be subject to a four-month hold period.


About Spider Resources Inc.

Spider Resources Inc. is the pioneer exploration company in the James Bay
Lowlands of Northern Ontario, exploring this area since 1993. The exploration
team at Spider is responsible for the discovery of 8 kimberlites to the east of
the Ring of Fire as well as 2 VMS deposits (McFaulds 1 and McFaulds 3), 8
additional VMS occurrences, and the Big Daddy Chromite Prospect within the Ring
of Fire. Spider Resources Inc. is a Tier 2 Canadian exploration company, quoted
for trading on the TSX Venture Exchange under the symbol SPQ. Spider currently
has 389,545,100 shares issued and outstanding.


Forward-Looking Statements 

This news release may contain "forward-looking information" which may include,
but is not limited to, statements with respect to the future financial or
operating performance of the companies and their projects. Often, but not
always, forward-looking statements can be identified by the use of words such as
"plans", "expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or variations (including
negative variations) of such words and phrases, or state that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or
be achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the companies to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking
statements. Forward-looking statements contained herein are made as of the date
of this press release and the companies disclaim any obligation to update any
forward-looking statements, whether as a result of new information, future
events or results or otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The companies
undertake no obligation to update forward-looking statements if circumstances,
management's estimates or opinions should change, except as required by
securities legislation. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements.

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