TORONTO, ONTARIO--(Marketwire - July 15, 2008) -

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Spider Resources Inc. (TSX VENTURE:SPQ) "Spider" and KWG Resources Inc. (TSX VENTURE:KWG) "KWG" and UC Resources Ltd. (TSX VENTURE:UC) "UC" are pleased to announce an initial Mineral Resource estimate for their McFaulds Lake project. The resource estimate was recently completed and delivered to Spider Resources Inc. as an internal memorandum dated July 10, 2008.

Dr. Howard Lahti, P.Geo., has reviewed and approved this internal memo, as prepared by Scott Wilson Roscoe Postle Associates Inc (Scott Wilson RPA) regarding initial Mineral Resource estimates for the McFaulds 1 and McFaulds 3 volcanic hosted massive sulphide ("VMS") deposits in the McFaulds Lake area of Northern Ontario. The resource estimates were made using drill hole data available as of August, 2007. The two estimates were based on 39 diamond core holes for the McFaulds 3 deposit totaling 12,114 metres in length and on 15 diamond core holes for the McFaulds 1 deposit totaling 4,715 metres in length. Dr. Lahti has reviewed and accepted the Mineral Resource estimates and is preparing a National Instrument 43-101 report on the project. The effective date of the resource estimate is July 10, 2008.

McFaulds 3 deposit

Using a cut-off grade of 1.5% Cu, Indicated Mineral Resources at the McFaulds 3 deposit are estimated to total 802,000 tonnes grading 3.75% Cu and 1.1% Zn.

A set of cross sections and plan views were interpreted to construct three-dimensional wireframe models at a cut-off grade of 1.5% Cu and a minimum true thickness of two metres. These criteria reflect a potential underground mining scenario. High copper and zinc grades were capped at 12% Cu and 8% Zn at McFaulds 3 deposit. Variogram parameters were interpreted from the composited assay values. Block model copper and zinc grades within the wireframe models were estimated by Ordinary Kriging for the McFaulds 3 deposit. Classification into the Indicated category was guided by the drill hole density, interpreted variogram ranges, the apparent continuity of the mineralized zones, and by available density determinations. See Table 1, following, for details.

   INDICATED MINERAL RESOURCES (Table 1)
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              Tonnage      Grade      Grade
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Deposit       (tonnes)     (% Cu)     (% Zn)
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McFaulds 3    802,000       3.75        1.1
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Notes:
1. CIM definitions were followed for mineral resources.
2.