Cliffs Natural Resources Inc has reminded shareholders of Spider Resources Inc that they have until July 26th 2010 at 11:59 PM (Eastern Time) to tender their Common Shares for CAD 0.19 under Cliffs' offer.

Mr William C Boor president of Cliffs' Ferroalloys business unit said that "Spider shareholders who want prompt payment should tender their shares now. Those who miss the deadline may have to wait up to several months to receive payment under a squeeze out transaction, as Cliffs does not anticipate extending the offer again."

Cliffs already owns approximately 82% of Spider's Common Shares outstanding, calculated on a fully diluted basis. If Cliffs obtains at least 90% of third party shares through the tender process, it will be able to proceed with a compulsory acquisition. Otherwise, Cliffs intends to proceed with a squeeze out transaction, for which it already has sufficient third party shares.
Cliffs expects that the squeeze out transaction would occur late in the third quarter or early in the fourth quarter of 2010.

All Common Shares validly tendered by the extended expiry time will be taken up and paid for on July 26th 2010 under the Offer. The Offer price is a premium of 138% over the closing price of the Common Shares on the TSX Venture Exchange on May 21st 2010, the last trading day prior to Cliffs' announcement of its intention to bid for the Common Shares. The Offer implies a total equity value for Spider on a fully diluted basis of CAD 125 million.