|June 26, 2007|
Detailed Sampling Discovers Highly Anomalous Lake Sediments on CMB JV Properties
June 26 2007, Bridgewater, NS / Vancouver, BC. - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce the results of detailed lake bottom geochemistry surveys on the CMB NW and Jacques Lake properties, part of the CMB joint venture.
- CMBNW block - values to 374 ppm uranium to the northeast of the Two Time showing area
- Jacques Lake block - values greater than 200 ppm uranium in two areas
The results indicate significant uranium anomalies on both properties. The CMBNW block returned values ranging from background (less than 17 ppm) to 374 ppm. Two significant anomalous areas were defined. The first area lies south of the Kanairikotok river and extends from the Near Miss showing continuing northeast to encompass the Two Time Zone and HF occurrence. The highest values, ranging from 6.5 to 374 ppm with six values greater than 100 ppm, are located further to the northeast in an unexplored area. In comparison, lake sediment values in the area of the Two Time showing, where drilling has defined an extensive zone of uranium mineralization, ranged from 9.8 to 44.9 ppm. The second area of anomalous samples was located to the north of Snegamook Lake, in the northwest portion of the property, with values ranging from 5.4 to 258 ppm and three values greater than 60 ppm. In this area, an additional 56 claims were added to protect the anomalous area as it is located near the boundary of the pre-existing CMBNW property.
At the Jacques Lake property, values ranged from a high background of approximately 30 ppm, to 217 ppm. Two anomalous areas were defined. The first area lies to the north of Jacques Lake in the central/northeast portion of the property with values ranging from 14 to 207 ppm and 17 values greater than 50 ppm. The second area is located in the northwest corner of the property with values from 27 to 217 ppm and two values greater than 100 ppm.
Lloyd Hillier, President and CEO of Silver Spruce states: "The results of the lake bottom sediment sampling on the CMBNW block indicate the potential for continuity between the three known mineralized zones and the likelihood that mineralization may continue northeast to an unexplored area. We are also encouraged by the results from the Jacques Lake property and are optimistic that more uranium mineralization will be located as the summer work program continues."
Samples were analyzed at Actlabs in Ancaster ON, by delayed neutron counting (DNC) for U and an ICP technique for other elements, the same techniques used in the government surveys that led to the initial staking of the properties. Government background uranium values for the area are less than 10 ppm. Plan maps of the lake sediment results for uranium are available on Silver Spruce's and Universal Uranium's websites. Results for ICP remain pending.
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.
ABOUT THE CMB NORTHWEST and JACQUES LAKE PROPERTIES
The CMBNW and Jacques Lake blocks are part of the Silver Spruce/Universal Uranium CMB joint venture previously announced.
ABOUT SILVER SPRUCE RESOURCES
Silver Spruce Resources Inc. (TSXV: SSE) is a junior exploration company primarily focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With over 9,500 claims totaling approximately 2,400 square kilometers in Labrador and over 5000 claims in the CMB, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. A large-scale exploration program on the company's properties in the summer of 2006 resulted in the first uranium discovery in October at the Two Time showing, from early stage follow up of the airborne surveys. With experienced partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in Labrador.
ABOUT UNIVERSAL URANIUM
Universal Uranium Ltd. (TSXV:UUL) is a publicly held Canadian uranium exploration company focused on acquiring, exploring and developing uranium properties located in favorable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
PLAN OF ARRANGEMENT
Under the terms of the previously announced June 15th, 2007 plan of arrangement, Universal Uranium Ltd. and Silver Spruce Resources have agreed to consolidate all Canadian uranium properties into one company. Universal Uranium shareholders (as of the record date) will receive one share in Silver Spruce Resources Inc. and one share in a new corporation created by spinning out Universal Uranium's US properties.
For Further Information Contact:
SILVER SPRUCE RESOURCES HEAD OFFICE
Gordon Barnhill, CFO & Director
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
UNIVERSAL URANIUM HEAD OFFICE
Clive Massey, CEO & Director
Bill Galine, Director of Corporate
Phone: 604.662.3903 ext. 106
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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