Spider, KWG and Freewest Discover Chrome-Platinum and Palladium Near McFauld's Lake Area, Northern Ontario.

TORONTO -- Spider Resources Inc. (TSX VENTURE:SPQ) and KWG Resources Inc. (TSX VENTURE:KWG) and Freewest Resources Canada Inc. (TSX VENTURE:FWR) are pleased to announce the completion of their winter exploration program on the Freewest option property, located approximately 15 kilometers SW of the McFaulds Lake volcanogenic massive sulphide ("VMS") project in the Greater James Bay region of Northern Ontario. Highlights of the exploration program included the discovery of a chrome-platinum-palladium bearing peridotite, where two layers of massive chromitite were encountered. The upper layer of massive chromitite assayed 22.7% Chrome, 0.166 g/t Platinum, 0.24 g/t Palladium over 1.05 meters, while the lower layer assayed 23.7% Chrome, 0.21 g/t Platinum and 0.462 g/t Palladium, over 0.6 meters. Spider and KWG jointly funded the exploration program where $200,000 needed to be expended by February 28, 2006, thus completing the initial option requirement to earn 50% in this project from Freewest. Spider and KWG shared the cost of this program 50:50 each contributing a minimum of $100,000 to the project. Final costing of the program is currently being prepared.

Drilling commenced on January 10, 2006, and three holes were completed, by the middle of February. The first hole FW-06-02 tested a geophysically inferred extension of a massive sulphide intersection drilled in 2004 by KWG and Spider, where hole McF-04-40 on Line 1800 NE on this same conductor, intersected 2.05 meters that averaged 1.15% Zn, along with anomalous copper (0.19% Cu). The KWG-Spider intersection inferred distal style VMS mineralization, the anomaly located 1200 meters to the NW on the new Freewest option property was interpreted as being proximal style mineralization, where higher copper values would be expected, however only pyrite and minor pyrrhotite was intersected in this hole, containing no significant copper or zinc values. The hole intersected a 9.85 meter intercept with an average of 40% pyrite in a black chloritic altered felsic tuff, thus explaining the geophysical anomaly.

The second hole FW-06-03 was designed to test an earlier identified VTEM (airborne electromagnetic) anomaly, that had been located in the field, using ground geophysical surveying techniques. The drill target was a coincidental magnetic and MaxMin electromagnetic anomaly on Grid "J". No sulphides of interest were intersected that explained the conductor location. However, as stated above, two massive chromitite cumulate bands of 1.05 and 0.6 meters were intersected at 153.27m and 159m in a serpentinized peridotite. The serpentinized ultramafic rock has a variable amount of disseminated and seams of magnetite giving it a strong magnetic signature. Core samples of these intersections were selected for assay and submitted to ALS Chemex Labs. The upper band of chromitite assayed 22.7% Cr, 0.166 g/t Pt, 0.24 g/t Pd over 1.05 meters. The lower band of chromitite assayed 23.7% Cr, 0.21 g/t Pt and 0.462 g/t Pd, over 0.6 meters. This Chrome-Platinum-Palladium discovery is the first of its kind in the McFauld Lake area of northern Ontario. The magnetic signature of the peridotite suggests a body that is triangular in shape with dimensions roughly 350 meters by 400 meters by 400 meters in size. The entire area outlined by the magnetic signature has become an attractive exploration target for platinum group metal mineralization. Additional analysis using Nickel-Sulphide (NiS Fusion) Fire assaying will be completed on the samples, to determine whether other platinum group metals are present in the cumulate chrome layers. Further down this hole, two samples taken over short widths (0.6 and 0.3 m) of pyritic quartz carbonate veins returned anomalous gold values of 0.797 g/t Au over 0.6 meters followed by 4.6 g/t Au over 0.3 meters.

The final hole in the Freewest option program was also located on Grid "J" designed to test a Max-Min - VTEM anomaly with associated magnetic signature. Hole FW-06-04 intersected several sulphide rich zones including 0.74m of massive pyrrhotite at 128-128.74 and again at 132.38-132.85. There are two main sulphide rich zones of approximately 9 meters each with 10-20% pyrite/pyrrhotite both in seams and disseminated. The two sulphide zones explain the conductor and magnetic target. Anomalous copper values were received from samples selected from 120.6 to 141.5 ranging from 0.119 % Copper to 0.421 % copper.

All analytical results reported herein are from samples selected during the normal logging process of the drill core as supervised by either Howard Lahti (Ph.D., P.Geo.) or James Burns (P.Eng.) both acting as Independent Qualified Persons ("IQP's") for the project. Samples were individually bagged, sealed, security tagged and delivered from the field office of the joint venture at McFaulds Lake, to ALS Chemex's sample preparation facility in Thunder Bay, Ontario. There, they were crushed, split and then sent via bonded air carrier to the ALS Chemex Laboratory in Vancouver, B.C. where the samples were analyzed using ME-MS61 (4-acid digestion - ICP finish) multi-element analysis. The lab also used ME-ICP81 for high-grade analysis for Chrome as the initial analysis on the two chrome rich samples reported as over-limit internally. Neil Novak (P.Geo.) in his capacity as project manager is responsible for the technical content of this press release.

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.

Spider Resources Inc. (TSX VENTURE:SPQ)