Spider shareholders approve Cliffs subsidiary merger
Ticker Symbol: C:SPQ

Spider shareholders approve Cliffs subsidiary merger

Spider Resources Inc (C:SPQ)
Shares Issued 660,422,662
Last Close 10/1/2010 $0.185
Monday October 04 2010 - News Release

Mr. Neil Novak reports

SPIDER SHAREHOLDERS APPROVE AMALGAMATION RESULTING IN CLIFFS OWNING 100% OF SPIDER

Spider Resources Inc. today announces that at a special meeting of shareholders held this morning, its shareholders approved the previously announced proposed amalgamation (the "Amalgamation") of Spider and 7560869 Canada Inc. ("Newco"), a direct wholly-owned subsidiary of 7557558 Canada Inc. (the "Offeror") and an indirect wholly-owned subsidiary of Cliffs Natural Resources Inc. ("Cliffs") (NYSE: CLF) (Paris: CLF). The special resolution approving the Amalgamation was approved by approximately 98% of the votes cast by holders of common shares of Spider (the "Spider Shares") and approximately 98% of the votes cast by "minority" holders of Spider Shares (holders other than the Offeror). Subject to the satisfaction of the conditions contained in the agreement in respect of the Amalgamation among Spider, Newco and the Offeror, and the filing of articles of amalgamation, the Amalgamation is expected to occur on October 6, 2010.

The Amalgamation will result in the Offeror owning 100% of the common shares of the corporation resulting from the Amalgamation, which will also be named Spider Resources Inc. Holders of Spider Shares immediately prior to the Amalgamation, other than Newco and the dissenting shareholders, will receive one redeemable preferred share of Spider Resources Inc. (as the corporation resulting from the amalgamation) per Spider Share held. The redeemable preferred shares will be redeemed on the redemption date, which is expected to be October 6, 2010, for $0.19 in cash per share, the same price per Spider Share paid on July 6, July 16, and July 26, 2010 under the Offeror's offer for Spider Shares dated May 31, 2010, as varied and extended.

The meeting materials mailed to Spider shareholders in advance of today's shareholders meeting, which are available at the Canadian Securities Administrators' SEDAR website at www.sedar.com, contain instructions for such shareholders to receive the cash payable to them in connection with the Amalgamation. Registered shareholders with any questions or requests for assistance in surrendering their share certificates may contact Equity Transfer & Trust Company by telephone 416-361-0152 or toll-free within Canada and the United States at 1-866-393-4891. Shareholders holding Spider Shares which are registered in the name of a bank, trust company, investment dealer or broker or other nominee should contact their nominee holder.

The Spider Shares are expected to be delisted from and no longer be traded on the TSX Venture Exchange on the date of the Amalgamation in accordance with the rules and policies of the exchange.

Spider intends to apply to cease to be reporting issuer under Canadian securities laws, subject to the satisfaction of applicable regulatory requirements, the completion of the Amalgamation and certain other transactions. Spider expects that it will be deemed to have ceased to be a reporting issuer under applicable securities laws in Canada before the end of November 2010.

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