Please note that this presentation has been replaced with a newer version. You may access the latest version of the Black Widow Resources investor relations presentation at http://exploration.blackwidowresources.com/investor-relations

1. A new Mining Exploration/Development Company,
acquiring, exploring and grooming projects for development
or takeover to increase shareholder value.
(January 24, 2013)
1

2. This document contains certain forward-looking statements about Black Widow Resources (“Black Widow”). When used in this document, the words “anticipates”, “may”,
“can", "believes”, “expects”, “projects”, “intends”, “likely”, “will”, “to be” and any similar expressions and any other statements that are not historical facts, in each case as
they relate to Black Widow are intended to identify those assertions as forward-looking statements. In making any of those statements, the person making them believes
that its expectations are based on reasonable assumptions. However, any such statement may be influenced by factors that could cause actual outcomes and results to be
materially different from those projected or anticipated. These forward-looking statements are subject to numerous risks and uncertainties. There are various important
factors that could cause actual results to differ materially from those in any such forward-looking statements, many of which are beyond the control of Black Widow,
including macroeconomic conditions and general industry conditions such as the competitive environment of the mining industry, unanticipated mining, milling and other
processing problems, accidents that lead to personal injury or property damage, persistent commodity price reductions, changes in political, social or economic
circumstances in areas where Black Widow operates, variances in ore grades, labor relations, adverse weather conditions, the speculative nature of mineral exploration,
fluctuations in interest rates, commodity prices and other adverse financial market conditions, regulatory and litigation matters and risks or changes in tax and other laws.
The actual results or performance by Black Widow could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters.
Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact
they will have on the results of operations or financial condition of Black Widow. Except as required by law, we are under no obligation, and expressly disclaim any obligation,
to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information,
future events or otherwise.
Information Concerning Mineralization and Resources
Unless otherwise indicated, all resource estimates contained in this presentation have been prepared in accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System in compliance with Canadian securities laws, which differ from the
requirements of United States securities laws. Without limiting the foregoing, this presentation uses the terms "measured resources", "indicated resources" and "inferred
resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange
Commission ("SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made
that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to
assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher
category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or
economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in
place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this
presentation may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.
2

3.  Black Widow Resources Inc. (“BW”) is in the process of building a portfolio of strategically located
exploration projects, proximal to previous discoveries made by members of the BW management team
 BW’s CEO, Neil Novak, has an outstanding track record of discovering numerous economic exploration and
development projects including the following:
• Spider Resources Inc. (“Spider”), sold in 2010 for $125 million cash to Cliffs Natural Resources (“Cliffs”),
regarding Spider’s chromite discovery being prepared for development by Cliffs in the Ring of Fire area
of Northern Ontario
• Noront’s (NOT.V) Eagle’s Nest MMS Deposit located in Ring of Fire are of Northern Ontario
 Neil was co-recipient of 2009 PDAC Bill Dennis Prospector of the Year (presented at 2010 PDAC)
 BW’s focused property presently is a gold/base metal prospect located near Dryden, Ontario, numerous gold
occurrences on property, new geophysically rendered conductive anomalies nearby
 One of BW’s properties is located just north of the Ring of Fire in Northern Ontario, numerous geophysical
anomalies on property
 BW’s exploration project acquisition philosophy includes acquiring properties that exhibit good geological
and economical potential, in other words good geology equates to high potential for discovery!
3

4.  Increase individual project value by “grooming” early stage project(s) for development, or as targets for
eventual takeover, very similar to what happened with Spider’s Big Daddy Chromite project;
 Short Term Business Plan (next few months) is to raise sufficient funds ($1.0 to $2.5 million in Q1 2013) to
maintain current properties and go public with Initial Public Offering (“IPO”);
 Long Term Business Plan (3- 5 years) is:
• to build a portfolio of exciting projects in various stages of exploration in places where management is
experienced in working, initially in the Province of Ontario
• to entice strategic developers to assist in development and eventual exploitation of projects as they
mature through the exploration cycle to becoming advanced projects.
4

5. Management Team – former Spider Resources
Neil Novak, P.Geo., President & CEO, Director, Founder
Former CEO of Spider Resources (sold for $125 MM in 2010 in an all cash deal to Cliffs Natural Resources )
Credited for the following discoveries, each of which is in PEA stage of development:
Cliffs Natural Resources’ (CLF-NYSE) Big Daddy Chrome Deposit (Ring of Fire)
Noront’s Eagle’s (NOT-V) Nest MMS Deposit (Ring of Fire)
2009 PDAC Bill Dennis Prospector of the Year Award for his involvement in the discovery of the Ring of Fire
exploration area
Carmen Diges, Corporate Secretary, Founder
Partner at Miller Thomson LLP focused on international corporate finance, M&A, and natural resources
Chair of Miller Thomson’s National Mining Group
George Duguay, VP Corporate, Director, Founder
President of G. Duguay Services Inc. since January 1989 and partner of Duguay and Ringler Corporate Services
until 2006
Presently Corporate Secretary of three public companies in the resource sector
Co-Founder of Equity Financial Trust Company
Daniel Crandall, CFO
Manager at Marrelli Support Services, specializing in accounting, regulatory compliance and investment based
services to numerous issuers on the TSX and TSXV
Previously Manager at Collins Barrow Toronto LLP
5

6. Non-Management Board of Directors
Norman Brewster, P. Geo., Chairman
 President & CEO and Director of Cadillac Ventures, and Non- Executive Chairman of Iberian Minerals Corp.
 Also director of International Millennium Mining Corp., and Galantas Gold Corp.
 Former director of Spider Resources
Allan Ringler, Director
 President of Allan Ringler Services Inc.
 Co-Founder and current director of Equity Financial Trust Company, a provider of transfer agent and corporate
trust services
Earl Coleman, Director
 President of Big Freight Systems, leading provider of logistical and freight forwarding solutions
 Currently serves as a director of two privately held exploration companies
 Chairman of the Special Committee of Spider Resources during Cliffs takeover of Spider, former director of Spider
6

7.  Black Widow was formed in January 2011, incorporated as a Federal Company;
 During 2011, raised $877.3K privately amongst current board of directors, management, former Spider
board members as well as family and friends, raised additional $50K in Europe in 2012;
 Assembled portfolio of three projects for company, each project focuses on base metals and/or precious
metals, exploration projects are near, or in vicinity of area plays;
 Proceeded with evaluation/exploration of projects as needed to meet earn-in requirements and/or flow
through expenditure requirements as related to the exploration funds (FT) raised in 2011.
7

8. Gremlin Project
100% interest
VMS, MMS (base metal)
property
Santa Maria Gold Project
70% interest “Ring of Fire”
Au + Base Metal property exploration
area
Shunsby Project
59.8% interest
Cu-Zn-Ag property
8

9.  Optioned to earn 70%
interest (BW is operator)
in 19 claims covering
1,648 hectares
 Located near Dryden, Three new Conductors
Ontario;
 Two small vertical shafts
(1,5) (circa 1900), initial
property covered 6 gold
occurrences, grab
samples up to 28 g/t Au;
 Electromagnetic airborne
survey completed in
January 2012
 Three new multi-channel
anomalies identified, 6
new claims (1200
hectares) staked;
 Met earn-in requirements  Phase 1 $150K work program to include line-cutting over
in April 2012 EM anomalies, ground geophysics followed by $500K
diamond drilling program in phase 2
9

10.  Tabor Lake Mine: produce 36 ounces gold 1935
 Sakoose Mine: produced 3,669 ounces gold
intermittently 1899 – 1947
 New Klondike: gold showing drilling, surface
trenching
 Snake Bay: gold showing
 Thundercloud Lake: gold showing
 Gold Rock: gold showing
10

11.  Treasury Metals Inc. (TSX:TML) Goliath Gold project has advanced to Preliminary Economic Assessment,
contains NI 43-101 compliant estimates of 1.7 million ounces gold (inferred and indicated resources)
averaging 2.23 g/t contained in 25 million tonnes. (ref. sedar filings of TML)
 Coventry Resources Ltd. (ASX:CVY) Cameron Lake project contains JORC-code compliant estimate of 19.4
million tonnes averaging 2.24g/t Au (1.397 million ounces gold) in inferred and indicated resource categories
(ref. ASX website)
 Rainy River Resources (TSX:RR) Rainy River project contains NI 43-101 compliant estimates of 1.18 million
ounces gold (measured), 4.98 million ounces gold (indicated) and 2.28 million ounces gold (inferred) as of
Oct 2012 filings. (ref. sedar filings of RR)
11

12.  100% interest in 39
contiguous mining
claims (9,856ha) has Great REversed Magnetic LINear
base metal and
diamond potential
immediately north of
the “Ring of Fire” area
of Ontario
 Recently incurred
$220,000 in exploration
expenditures including
High sensitivity -
Triaxial Heli-Magnetic Kyle Kimberlites
survey + ground follow-
up MaxMin,
exploration program
completed Jan/Feb Noront’s Eagles Nest
2012;
Cliff’s VMS deposits
 Project is drill ready,
proposal to spend
$250K as phase 1, Cliff’s Chromite Deposits
followed by phase 2
where $750K allocated
to drilling
12

13.  Tri-axial aeromagnetic heli- survey, high
resolution flown in Sept/Oct 2011
 New survey confirmed and enhanced Great
Reversed Magnetic Linear “Gremlin” transecting
property
 Three main areas of interest identified for ground
follow-up, 10 more claims added to property in
December 2011
Airborne Geophysical Compilation of Gremlin Claims
13

14. VMS Targets
MMS (Eagle Type) Targets
14

15.  Signed Purchase agreement Feb 2012 to
acquired 59.8% interest in property by:
1. Paying $200K (issued 2 million shares at
$0.10 per share),
2. Two additional payments valued at $150K
each required on 1st and 2nd anniversary of
signing purchase agreement,
3. Shares to be issued based upon 20 day
VWAP of BW shares, however no less than
$0.15 per share, optionor to retain a 1.0%
NSR, half of which is buyable;
 Need to formalize JV with other partners
representing remaining 40.2% interest, it is
expected that JV partners will likely acquiesce
to any proposed spend and undergo dilution to
0.5% NSR
 No current NI-43-101 reports available for this
project.
15

16. Q1/ 2013 $2.5 MM IPO Financing
Phase 1 at Gremlin - continue exploration on Gremlin Project, fill in and re-orientate ground
geophysical survey prior to drill testing ($250,000)
Phase 1 at Santa Maria - prospecting, linecutting, geophysics, prepare for drilling ($100,000)
Q2-4/ 2013 Phase 2 at Gremlin Project - Drill Testing (if warranted)
Phase 2 at Santa Maria – Drill Testing (if warranted)
Initiate work program on Shunsby Project, compilation of hisotorical data, review of resource
estimates by MPH consulting
Q1-4/ 2014 Ground exploration including diamond drilling on Shunsby Project; follow-up exploration on
Gremlin and Santa Maria as warranted
16

17. Price Shares Outstanding Amount
Insiders $0.065 5,372,000 (38.2%) $349,180
Acquisition of Properties $0.10 3,605,000 (25.6%) $360,500
Previous Hard Dollar Financings $0.10 2,590,000 (18.4%) $259,000
Previous Flow-Through Financings $0.13 2,504,000 (17.8%) $325,520
Current Share Structure $0.09 14,071,000 $1,294,200
Warrants $0.20 500,000 $100,000
IPO (Combination of FT and Hard) $0.15/$0.17 TBD $2,500,000
Post-IPO Shares Outstanding TBD TBD
17

18.  Management’s proven track record and exceptional experience with discoveries in
Ontario
 Santa Maria Project has gold and base metal potential
 Management is intimately familiar with the Ring of Fire area
 Early stage exploration provide significant upside for investors
 Several projects in pipeline or being considered to mitigate individual project risk in
Ontario and elsewhere
 Gremlin Project has Volcanogenic and Magmatic Massive Sulphide (VMS and MMS)
potential
 Good geology equates to high potential for discovery!!!
18

19. Black Widow Resources Inc.
Suite 304 - 65 Front St. E.,
Toronto, ON
M5E 1B5
Neil Novak, P.Geo. (President/CEO)
Email: nnovak@blackwidowresources.com
Tel: (416) 203 8636
Fax: (416) 815 1355
http://www.blackwidowresources.com
Jennings Capital Inc.
33 Yonge Street Suite 320
Toronto, ON
M5E 1G4
Doug Harris, Director, Investment Banking
Email: doug.harris@jenningscapital.com
Tel: (416)-304-3890
Fax: (416) 214-2844
http://www.jenningscapital.com
19