TORONTO, ONTARIO – November 5, 2009 – Spider Resources Inc. (TSX VENTURE:SPQ) ("Spider") along with joint venture partner KWG Resources Inc. (TSX VENTURE:KWG) ("KWG") announce the receipt of results from the 2008 diamond drilling program on their jointly owned Wawa Diamond project. The 44.2 square kilometre project straddles the Trans-Canada highway approximately 35 kilometres north of the town of Wawa, Ontario. As announced in November 2008, Spider / KWG completed a drill program that entailed 4 short, HQ core holes totaling 307 metres. Spider recently received the caustic dissolution microdiamond results from SGS Mineral Services - a division of SGS Lakefield Research Limited. A complete table of the results is available on Spider’s website by following this link. Highlights of the results include:

· A total of 1,095 diamonds were recovered from 336 kilograms of xenolith bearing lamprophyre dyke core selected from four diamond drill holes;

· 8 diamonds were retained on a +0.425 mm sieve, 45 were retained on a +0.300 mm sieve, 140 were retained on a +0.212 mm sieve, 301 were retained on a +0.150 mm sieve and 601 were retained on a +0.106 mm screen;

· Five of the 8 kilogram samples, in which the number of xenoliths ranged between 6 and 10 in the sample interval, had a group weight for only those diamonds retained on +0.425 mm sieve of 0.01339 carats (equating to 0.33 carats per tonne for 40 kilogram of selected samples).

The drill aspect of this project was completed under the direct auspices of James Burns, P.Eng., Vice-President of Exploration for Spider during September and October 2008. The purpose of the drilling was to explore to depth the main Lalibert diamond occurrence that had been mapped and sampled over an area 300 meters by 15 meters (open to NW and SE) during 2005 and 2006. The four holes were designed to undercut a lamprophyre dyke that at surface contained numerous diamond bearing xenoliths. This dyke had been previously exposed in 2004 / 2005 by mechanical stripping over a strike length in excess of 300 metres. The dyke varies in exposed width from 8 to 22 metres, and dips an estimated 45o 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 this dyke. Diamonds had been previously determined to be preferentially located in talc-actinolite xenoliths, contained within the dyke. The most diamonds recovered were from a 30.11 kilogram sample of talc-actinolite xenoliths (sample # LAL-04-234) which yielded 1,622 diamonds by caustic dissolution. Of these, 1351 diamonds had two dimensions less than 0.5 mm, 267 diamonds had two dimensions greater than 0.5 mm and less than 1.0 mm and 14 diamonds had two dimensions greater than 1.0mm.

Details of Drill Holes (see drill plan)

The four holes were drilled on lines spaced 100 metres apart with an initial inclination of -45° drilled to the southwest, and designed to cut the dyke at approximately 40 metres below surface. Samples were normally 1.0 metre in length; each sample weighed in excess of 10 kilograms. This report details the diamond recovery results of these four holes.

As reported in November 2008, Hole 08-01 was drilled at -45° SW, and intersected the dyke between 61.2 and 68.4 metres (measured along the core). 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 08-02, also drilled at -45° 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 08-03, drilled at -45° 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 6 cm, varied up to 15 cm.

Hole 08-04, drilled at -75° 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 were shipped to SGS Lakefield for diamond recovery from representative 8 kg samples. Photographs of the each entire hole were taken by James Burns, P.Eng., as a permanent record of drilling.

Neil Novak, President and CEO of Spider states “The recently received caustic dissolution diamond results continue to confirm that diamonds on this project appear to be related to and a function of the preponderance of talc-actinolite xenoliths, that are presumably mantle derived brought to surface along during the emplacement of the lamprophyre dyke. When we see a high number of xenos in the rock we are now more confident that the diamond content will increase. The next step is to try to determine whether the xenos are easily separable from the host lamprophyre”.

Quality Assurance / Quality Control

Each sample from the drill program was selected by James Burns, P.Eng., and placed in individually numbered plastic sample bags. Samples were placed four at a time into a rice bag, and secured with numbered security seals. All samples were kept under lock and key prior to being shipped via bonded carrier to SGS Lakefield’s mineral processing facility in Lakefield Ontario. The samples were individually opened, weighed, and then pre-crushed to 3 mm using a jaw crusher. The sample was then thoroughly mixed, and an 8 kilogram representative sample was selected. Each sample underwent caustic dissolution analysis for micro diamond content, and all diamonds retained on various sieve sizes were group weighed using microbalances. The weights reported are for all diamonds recovered, however only those that are collected on the +425 micron sieve are considered meaningful in grade calculations.

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. Since May 2006, and as of June 30, 2009, Spider has solely incurred unaudited expenditures on this project totaling approximately $221,000, thus Spider’s current interest level is approximately 56.2%, leaving KWG with an approximate 43.8% interest.

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 389,545,100 shares issued in Spider.

On behalf of the board of directors,

Neil Novak, President and CEO

For further information:
contact (416) 815 8666
Website: www.spiderresources.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. 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.