|March 13, 2006|
High Uranium in Lake Bottom Samples Staked in Labrador
BRIDGEWATER, NS, CANADA -- March 13, 2006 - Silver Spruce Resources Inc. (TSXV -- SSE) ("Silver Spruce") announces that it has staked 758 claims (approximately 19,000 ha or 190 sq. km.) in the Double Mer -- Lake Melville area of Labrador, Canada which is approximately 110 km to the east of Happy Valley - Goosebay.
The claims were staked by Silver Spruce after being identified and staked with the assistance of Alex Turpin, a local prospector. Pursuant to an agreement dated February 21, 2006 between Mr. Turpin and Silver Spruce for his services, Mr. Turpin is an arms length service provider and shall be paid $12,000 per year for the next three years by Silver Spruce for researching and outlining the staking for Silver Spruce and as a result of such work Mr. Turpin will also retain a 1 % net smelter return (NSR) for production in respect of the claims.
The properties cover strong uranium in lake sediment anomalies located by the Newfoundland government (Open File 408) with anomalous values ranging from 10 to 470 ppm against a background of approximately 5 ppm hosted in leucogranites of Helikian age. Four values > 100 ppm U, with two values over 400 ppm, are noted in this survey, all of which are covered by the Silver Spruce staking.
1978 Work by the government which included a 1 km spaced lines radiometric survey and ground follow up, located uranium mineralization in float / outcrop with three values over 0.1 % U3O8, including a value of 0.29 % U3O8, from eight samples (OF 408). These values have not been independently verified.
Exploration by Silver Spruce in 2006 shall consist of data compilation, airborne radiometrics and magnetics at probable 100 m spaced lines, followed by prospecting, geological mapping and ground geophysics to evaluate targets located. Trenching and diamond drilling will evaluate mineralized showings located by the ground exploration. The field work, budgeted at approximately $200,000, shall begin in the spring/summer once the snow cover is gone. Silver Spruce has the funds available to carry out this program.
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration of Silver Spruce, who is a Qualified Person (QP) as defined in National Instrument 43-101.
On behalf of the Board of Directors, Gordon Barnhill, CFO and Director. Telephone: (902) 527-5700, Fax: (902) 527-5711.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
The Company seeks Safe Harbour.
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