|July 26, 2007|
High Grade Uranium Mineralization Discovered On Mount Benedict Property
* Intense radioactivity > 10,000 cps in 10 m wide, bedrock mineralized zone in brook
* Zone averages 0.497% U3O8 (9.94 lbs / ton) with values of 0.186%, 0.997%, 0.046%, 0.463%, and 0.796% U3O8 in five representative grab samples across the zone
* Baseline environmental work has begun
July 26, 2007, Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) announced today that early stage ground follow up on the 3,012 line km airborne radiometric / magnetic surveys carried out in 2006 on the Mount Benedict Properties has resulted in the discovery of a high grade uranium bearing zone on surface over a minimum 10 m width. The Mount Benedict Properties are located in the eastern portion of the Central Mineral Belt in east central Labrador.
The zone, named the T-649 showing, on Airborne Target 24, is located on a small five metre wide brook which flows into Stag Bay on the coast of Labrador and is approximately 50 km to the south of the town of Makkovik. It consists of an area of outcrop on the brook carrying intense radioactivity with total count values > 10,000 cps over a minimum width of 10 m. The zone strikes across the brook disappearing under the overburden on both sides of the brook. The zone remains open to the east and west along the apparent strike. Seven representative grab samples (AT-649-1 to AT-649-7) were taken from bedrock from the area of the zone with samples one to five from the zone and samples six and seven taken six metres downstream and 20 m upstream of the zone respectively. Results indicate uranium mineralization averaging 0.497% U3O8 with values of 0.186%, 0.997%, 0.046%, 0.463%, and 0.796% U3O8 in samples one through five from the zone and background values of 27 and 12 ppm U3O8 from samples six and seven, taken outside the zone.
The host rock appears to be a fine grained, feldspar rich (plagioclase), felsic intrusive of the Benedict Mountains Intrusive Suite (BMIS) which has been fractured and veined with uraninite/pitchblende and which shows extensive yellow uranophane staining. Minor sulphides (pyrite -- pyrrhotite) and iron oxides are associated.
"I am very pleased to announce this new discovery, one of the highest grade to date" stated President Lloyd Hillier. "Visiting the property and seeing the visible yellow staining confirms what we have always thought of our properties--that they have huge potential for the discovery of uranium."
As a result of this discovery, the company acquired by staking all of the available crown land in the area, a total of 2,147 claims (including the 872 claims described in the news release of July 10), bringing the property position in the Mount Benedict project to 3,195 claims (79,875 ha or approximately 800 km2). All the claims are owned 100% by Silver Spruce, subject to a 1% NSR payable to the optioner on any production from 532 of the original 2006 claims.
The samples were analyzed at Actlabs in Ancaster ON, for uranium by delayed neutron counting (DNC) and an ICP technique for other elements. Results for the ICP, including Thorium, remain pending.
The company also reports that it has given a contract to Minaskuat Limited Partnership, an environmental consulting firm based in Happy Valley -- Goose Bay, Labrador, to carry out baseline environmental work in the area of the discovery, prior to any ground disturbance related to continued exploration. The work began this week.
Further results will be reported as they are received. Maps showing a schematic plan map of the sampling, the airborne targets and the recent staking by the company along with photos of the discovery are available on the company website at www.silverspruceresources.com.
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 exploration company primarily focused on uranium in the Central Mineral Belt (CMB) and other areas of potential in Labrador, Canada. With interests in over 11,800 claims totaling approximately 3,000 square kilometres, Silver Spruce is the one of the largest landholder in one of the world's premier emerging uranium districts. The large ground position, experienced partners, and strong financial backing, make Silver Spruce a leading uranium explorer in Labrador.
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
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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