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Spider Resources Inc. and UC Resources Limited Commence Spring Geophysical Program at McFaulds VMS Project in Northern Ontario

TORONTO, ONTARIO--(June 15, 2007) -

Spider Resources Inc. ("Spider") (TSX VENTURE:SPQ), and UC Resources Ltd. ("UC") (TSX VENTURE:UC) are pleased to announce the startup of a UTEM (deep electromagnetic) geophysical program at the McFauld's Lake volcanic-hosted massive sulphide ("VMS") project, located in northern Ontario in the James Bay Lowlands. La Montagne Geophysics Limited ("La Montagne") of Kingston, Ontario has recently been awarded the geophysical contract to complete a UTEM 3 survey over Grid "C" that covers McFauld's #3 and #1 VMS occurrences. The La Montagne geophysical crew mobilized to the project and arrived on site June 8, surveying commenced on June 9. Approximately one half of the proposed program (plus infill lines) has been completed to date, they expect to be finished this phase of the exploration program by June 20th.

Cabo Drilling (Ontario) Corp. has recently been awarded a drill contract that involves the drilling of 4000 meters of core to commence prior to end of June. Les Helicopteres Abitibi Ltee., have been contracted to support the geophysical and drill programs. Several workers are presently on site, some of whom represent the Marten Falls Reserve and Webequie First Nation engaged in the geophysical phase of the project. Other First Nation communities will be introduced to the project during the summer program in various roles. The on-site field aspects of the project are being overseen by Billiken Management Services Inc. ("Billiken") of Toronto. Dr. Howard Lahti P.Geo., an Independent Qualified Person has been mandated with overseeing the field aspects of the project by Billiken. Neil Novak P.Geo., President of Spider Resources Inc., Vice President of UC Resources Ltd., and the former President of Billiken is fulfilling the role of Qualified Person on behalf of Spider and UC. As of June 1, 2007, Mr. Novak's interest in Billiken was sold to an arms length party, and Billiken therefore ceases to be a related party.

The current program is funded entirely by UC Resources Limited ("UC"), in compliance with their funding obligation for the project. UC has an option to earn-in up to a 55% undivided interest in the McFauld's Lake project, which is currently owned, as to an undivided 50% interest, by each of Spider and KWG, as per the LOI signed in early March 2007. UC shall then become the operator of the property during the term of their option.

The McFauld's Lake VMS project was initially discovered in 2002, while Spider, KWG and De Beers Canada Exploration Inc. were exploring the project area in joint venture for kimberlites. De Beers holds a 1.5% net smelter royalty on the project, 0.5% of which can be purchased from De Beers by Spider and KWG for $1.5 million. The claims outlined for the aforementioned perimeter survey define the property that De Beers has the royalty on. To date, 10 isolated VMS occurrences have been identified and drill tested on the project, two of which (McFauld's #1 and #3) have undergone detail drilling.

Results of the recent (April 2007) gravimetric survey by Dr. Allan Spector, consultant to JVX Ltd., suggested that there are present 4 gravity anomalies, coincident with the 4 known and partially drilled sulphide occurrences (referred to as McFaulds #1, #2, #3 and #4) all within the main "C" grid. When referring to McFaulds #3 occurrence, Dr. Spector stated "M3 is an egg-shaped gravity anomaly about 0.8 mgal in amplitude, observed on 3 lines; 500E, 800E and 1100E." The anomalous zone has a strike length of about 800m. From modeling it has a thickness of about 20m and a depth extent of over 300m." Dr. Spector estimates that the M3 anomaly represents excess mass of 6 million tons. This estimate is not considered a "resource estimate" for the McFaulds #3 massive sulphide occurrence, it is merely an interpretation of mass based upon the measured varying physical properties of the rocks that contain this massive sulphide occurrence, when compared to the surrounding rocks. This information, however, gives management a better understanding of the possible scope or size potential for this partially drilled off massive sulphide occurrence, as well as the other nearby occurrences, which were covered by the recent survey.

UC plans to continue exploring this new VMS camp and will initially concentrate their efforts on the McFaulds #3 and #1 occurrences.

States Neil D. Novak, President & CEO of Spider, as well as VP Exploration for UC: "Spider and UC are quite excited to commence this late spring, early summer program on the McFaulds project. The completion of the recent gravity survey funded by Spider offered some understanding of the scope of the project. The ongoing compilation of existing geophysical data for the project, merged with this new UTEM data, will facilitate the planning of the next, more expensive, round of exploration which will include drilling the McFaulds VMS occurrences beyond what has already been drilled. Spider and UC are currently finalizing an updated NI 43-101 report that summarizes the project results to date, and will file same upon completion. In addition RPA Scott Wilson have also been retained to provide an initial review and quantification of the resource potential of the two massive sulphide zones already drilled, which will be updated as the drill program progresses over the summer."

Spider Resources Inc. is a tier 2 Canadian exploration company, quoted for trading on the TSX Venture Exchange under the symbol SPQ. There are 242,193,535 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.

For more information, please contact

Spider Resources Inc.
Toronto Head Office
#1000, 15 Toronto St.
Toronto Ontario, M5C 2E3 Canada
(416) 815-8666

or

Spider Resources Inc.
Jim Voisin
Communications Manager
(519) 699-5352
Website: www.spiderresources.net