TORONTO, ONTARIO--(June 14, 2010) - The Special Committee of the board of directors and the directors of Spider Resources Inc. ("Spider" or the "Company") (TSX VENTURE: SPQ) are pleased to announce that they have received a proposal from Cliffs Natural Resources Inc. ("Cliffs") to obtain the Company's support for an acquisition of the Company by Cliffs (the "Proposal"). Cliffs is prepared to increase the offer price under its take-over bid for the outstanding common shares of the Company to $0.165 in cash per common share.