Diagem Exercising Option

[Franko10 ™]

Spider Resources Inc.: Diagem Exercising Option

TORONTO, ONTARIO--(CCNMatthews - Nov. 18, 2004) - Spider Resources Inc.
("Spider") (TSX VENTURE:SPQ) announces that Diagem International
Resources Corp. ("Diagem") has elected to exercise its option to convert
its 8% interest in property held by the joint venture between Spider and
KWG Resources Inc. (the "Joint Venture"). This conversion requires that
Spider issue 9.6 million common shares of its capital to Diagem, which
represents just over 5% of Spider's current issued and outstanding
shares.

This announcement follows Spider's initial release on October 20, 2003
wherein the terms of Diagem's option were first introduced. Diagem's 8%
interest was earned upon its recent completion of an expenditure of
$2,000,000 of flow-through funding on the Joint Venture's main diamond
and base metal projects in Ontario, Canada. These expenditures include
drilling at the McFauld's Lake Volcanogenic Massive Sulphide discovery,
drilling of newly discovered diamoniferous kimberlite bodies North West
of DeBeers, Victor Kimberlite Pipe, and processing of diamond bearing
bulk samples from the Wawa, Ontario area.

/T/

On Behalf of the Board of Directors

Bryan Wilson,
President and CEO

/T/

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


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FOR FURTHER INFORMATION PLEASE CONTACT:
Spider Resources Inc.
Jim Voisin
Communication Manager
[phone]
or
Spider Resources Inc.
Neil Novak
Chief Operating Officer, VP Exploration
[phone]
www.spiderresources.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility of the adequacy or accuracy of this release