Silver Spruce Resources Inc. - CMB JV Properties

In January 2006, Silver Spruce acquired 4,087 claims (approx. 1,022 sq km) in 10 separate blocks in the Central Mineral Belt (CMB) of Labrador, Canada. With this acquisition, Silver Spruce became one of the largest landholders in one of the world's premier emerging uranium districts. The company's joint venture partner, Universal Uranium Ltd., has earned a 60% interest in the Central Mineral Belt properties.

The CMB properties are located to the west and inland from in the Postville-Makkovik area of Labrador, approximately 150 kilometers northeast of Happy Valley-Goose Bay. The properties cover uranium in lake sediment anomalies originally located by the Newfoundland and Labrador government. Anomalous values discovered at that time ranged from 8 to 98 ppm - with many in the 20 to 70 ppm range - against a background of <5 ppm hosted in felsic volcanic, sedimentary and plutonic rocks. There is potential here for unconformity-style deposits similar to those in the Athabasca Basin, iron oxide-copper-gold such as the Olympic Dam, shear-hosted style uranium deposits such as the Michelin deposit and granite-hosted deposits such as at the Rossing Mine in Namibia.

The Central Mineral Belt/Seal Lake Joint Venture Properties (CMB/SL JV) include CNB Northwest (CMB NW), Seal Lake (650 claims), Jacques Lake (528 claims), CMB East (CMB E; 247 claims), Otter Lake (119 claims), Portage Lake (351 claims), Kanairiktok River (400 claims), Northeast (392 claims), Southeast (82 claims), South Brook Pond (14 claims) and Carr Lake (34 claims).

Silver Spruce owns a 100% interest in 7,911 claims in Labrador (1,978 square kilometres) outside of the CMB/SL JV. These include the following six properties - Snegamook Lake (86 claims), Double Mer (766 claims), Straits (2,346 claims), Mount Benedict (4,057 claims), Makkovik River (200 claims) and Tukialuk Bay (456 claims).

2007 Joint Venture - Carr Lake Property
In July 2007, Silver Spruce and Universal Uranium announced a joint (50/50) agreement with Bayswater Uranium Corporation, whereby Bayswater has been granted an option to acquire a 50% interest (leaving Silver Spruce and Universal each with 25%) in 34 mineral claims (8.5 square kilometres) on the Carr Lake Property in the CMB. These claims cover a portion of the Stipec River uranium trend of Bayswater. Pursuant to the agreement, Bayswater has issued 100,000 shares each to Silver Spruce and Universal uranium and has to spend $100,000 on the property by July 31, 2008. Bayswater reports that 2006 grab samples along this trend "commonly gave values assaying from 0-.1% to 0.4% U3O8" (Bayswater news release dated July 12, 2007). Exploration work, including drilling, is planned. No results have been released to date, however Bayswater spent approximately $28,000 on the property in 2007.