|July 06, 2006|
Silver Spruce Options Uranium Property In Central Mineral Belt, Labrador
BRIDGEWATER, NS, CANADA -- July 6, 2006 -- Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that it has optioned a property in the Snegamook Lake area. The property, comprised of 86 claims (2,150 hectares), was optioned from the Turpin-Crocker Group and is adjacent to claims already held in the Central Mineral Belt (CMB) by Silver Spruce and Universal Uranium (TSXV: UUL).
The option agreement requires payments totalling $24,000 and 60,000 shares over a three year period. This will earn Silver Spruce a 100 percent interest, subject to a two percent Net Smelter Return (NSR), in the property. The claims are optioned only to Silver Spruce and are not subject to the Silver Spruce/Universal Uranium JV agreement.
The property is contiguous with the Santoy/Monster Copper properties and covers similar geology. Government lake bottom surveys show anomalous uranium lake bottom values from 7.6 to 49.2 parts per million (ppm) with a background of approximately five ppm. Radioactive boulders with values up to 5,000 cps (total count) have been found on the properties, although the source of the boulders is unknown.
Fugro Airborne Surveys of Toronto, ON, will cover the property as part of a 10,000 line kilometre survey of the CMB and Seal Lake areas of Labrador. The survey, which is already in progress, is expected to cover the area in the next few weeks. Compilation work will begin immediately and follow up work is scheduled to begin once targets have been defined by the airborne survey.
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, who is a Qualified Person (QP) as defined in National Instrument 43-101.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior mining exploration company primarily focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With over 5,000 claims totalling more than 1,250 square kilometres, Silver Spruce is the second largest land holder in one of the world's premier emerging uranium districts. In the 12 months commencing summer 2006, Silver Spruce is planning a large scale exploration program on its CMB and area properties at a cost of more than $2 million. With experienced development partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in central Labrador.
On behalf of the Board of Directors, Gordon Barnhill, CFO and Director.
FOR FURTHER INFORMATION, CONTACT:
Gordon Barnhill, CFO & Director
Francis Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 28
Toll Free: 1.866.684.4743 ext. 28
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.
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