SPIDER RESOURCES INC. AND MARTEN FALLS FIRST NATION ENTER INTO HISTORICAL COMPENSATION AGREEMENT
Thursday, September 23, 2021 9:36 AM

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September 23, 2021 - Spider Resources Inc. (TSXV:SPQ) (the "Company" or "Spider") is pleased to announce the signing of an Historical Compensation Agreement with Marten Falls First Nation ("MFFN") on September 16, 2010. The Agreement provides for monetary compensation to the MFFN community for exploration work completed by Spider and certain of its various exploration partners during the period November 2002 up to the end of March 2010.

While the Agreement was mostly intended to provide for fair and reasonable compensation to MFFN for Spider's and Spider's various joint venture partners' early exploration activities on Spider's claims in the general area north of MFFN's community, the Agreement also outlined several guiding principles and objectives regarding future exploration agreements.

Neil Novak, President of Spider states: "The Letter of Comfort that Chief Moonias and I signed together many years ago became outdated as Spider's exploration success story unfolded. In 2002, Spider was the pioneer explorer in what has become the Ring of Fire. When Spider explored, we worked with MFFN, as well as the other nearby First Nation communities. As our exploration efforts advanced from grass roots, through to discovery, and then definition drilling of several deposits, our efforts became more localized, with chromite eventually leading us down the path to an advanced exploration program. Spider is pleased to come to this Agreement that compensates MFFN for early exploration work done by Spider over the past eight years. Spider is equally excited about the groundwork that this Agreement lays out for Spider and Chief Moonias and the Council of MFFN to move forward with future agreements."

Chief Elijah Moonias of Marten Falls First Nation states: "The Ring of Fire exploration area is front and centre of the Marten Falls First Nation traditional area. As our trapping industry has declined to a point where livelihood in the fur trade is no longer a viable economy, the area must sustain and enhance our economy in alternative ways. Having productive relations with companies such as Spider is one way of doing so, even at an early exploration stage."

About Spider Resources Inc.

Spider Resources Inc. is a Tier 2 Canadian exploration company, listed for trading on the TSX Venture Exchange under the symbol SPQ. Spider currently has 660,422,662 common shares issued and outstanding.

Neil Novak, President and CEO

Phone: 416 203-8636

Fax: 416 815-1355

Website: www.spiderresources.com

Corporate Office: 50 Richmond Street East, Suite 101, Toronto, ON M5C 1N7

This release contains forward-looking information within the meaning of applicable securities laws

("forward-looking statements") that relate to Spider's future exploration. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2010 Thenewswire.ca - All rights reserved.

 

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