TORONTO, CANADA -- (MARKET WIRE) -- 06/26/06 -- Spider Resources Inc. (TSX VENTURE: SPQ) is pleased to announce the startup of their summer exploration program on the McFauld's Lake volcanic-hosted massive sulphide ("VMS") project in the Greater James Bay region of Northern Ontario. The initial summer program involves the drilling of one or possibly two deep holes, testing the McFauld's #3 VMS occurrence below the 650 meter level. A BBS 37A (Flydrill) diamond drill rig owned by Heath & Sherwood Drilling, a division of Cabo Drilling Corporation, will be utilized for these deep holes, with drill depth capabilities in excess of 1200 metres. This drill rig has be moved onto the first drill site using a Bell 205 Helicopter operated by Heli-Transport Ltee., the drill crew will be moved daily to and from the drill site from the McFauld's Lake base camp with a Hughes 500HD helicopter.

JVX Ltd. of Richmond Hill, Ontario has recently completed an in depth review (June 2006) of all available geophysics on the McFauld's #3 occurrence, and has recommended the deep drilling of two boreholes. Modeling subsequent to the earlier (April 2006) recommendations suggests that the McFauld's #3 mineralization dips to the northwest (grid north) at approximately 55 degrees, confirmed by historical drilling. Despite the uncertainty of the model approximately 600m is considered to be the minimum depth to the top of the interpreted mineralization, and for this reason a drill rig capable of reaching this depth has been brought onto the project for the first time in the program. Thirty holes totaling 9,363 meters have tested this occurrence to the -400 meter level, identifying continuous copper and zinc mineralization. Hole McF-04-57 drilled in October 2004, intersected 18.8 meters that averaged 8.02% copper at a vertical depth of 235 meters, this has been the best drill intersection to date on this occurrence. The current hole McF-06-72 is designed to test this occurrence down dip and down plunge from all earlier drilling at the 675 meter level.

Drilling commenced June 24 on the first hole, the position of which has been selected to intersect the projected mineralization at a depth in excess of 600 meters. This supposes that the top of the mineralization is 600 m below the baseline as suggested by the interpreted geophysical model (gravimetric, electromagnetic, magnetic, down-hole induced polarization). The initial hole was planned at 200 m N on L1000 m E with expected intersection borehole length to 670 m, introducing a margin of safety while the total intersection remains within the 750 m of drilling proposed. Minor adjustments with respect to positioning due to topography and anticipated drill hole deflection have been made in the field.

The second proposed borehole collar on Line 1500E is at 200 N, giving an intersection at about 670 m. This collar position offers an additional opportunity to investigate other anomalies near the surface but the relationship between the near surface targets and the deep source of the gravity anomaly is not known.

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Target #     Collar Location   Azimuth    Dip   Length  Intersection
                    Line/Stn     (Deg.) (Deg.)      (m)           (m)
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1                 1000E/200N       135    -75      750           675
2                 1500E/200N       135    -75      750           670
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Neil Novak P.Geo., President of the company, was on site to locate and oversee the positioning of the first hole. Brian Newton, P.Geo. and Jim Burns, P.Eng. will oversee the drilling, logging and sampling of the core from this drill program.

Pursuant to a revision to the Spider/KWG (KWG Resources Inc. TSXV-KWG) Joint Venture, KWG has agreed to not contribute further to Spider's exploration program on the McFauld's Lake VMS project. However, KWG may resume contributions to subsequent programs when its interest in this project has been diluted to 33.33%. At present, both parties are deemed to have a 50% interest in the McFauld's Lake project. This 50% interest has been translated into an initial equal monetary amount based upon historical expenditures of $8.656 million on the subject project, being $4.328 million each, so that all future expenditures incurred on the McFauld project by Spider will be applied to the historical plus recent expenditures in an effort to determine either parties current interest level. Once KWG interest level reaches 33.33%, KWG is entitled to contribute at its pro rata interest level or suffer further dilution down to 10% working interest. Once 10% interest level is reached, the interest will be automatically converted into 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.

Spider Resources Inc. is a tier 2 junior resource company, quoted for trading on the TSX Venture Exchange under the symbol "SPQ" and there are currently 216,443,280 shares of Spider issued and outstanding.

On Behalf of the Board of Directors.

Neil Novak, President and CEO

For more information on Spider Resources Inc. and its exploration projects please visit our website www.spiderresources.com

The TSX Venture Exchange has NOT reviewed this release and it does not accept responsibility for its adequacy or accuracy.

Contacts:
Spider Resources Inc.
Neil Novak
President and CEO
(416) 815-8666

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