|September 14, 2007|
Silver Spruce Resources -- Labrador Inuit Land
September 14, 2007, Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) responds to concerns brought forward by the Nunatsiavut Government (News release of September 7, 2007) regarding mineral exploration by companies on Labrador Inuit Lands (LIL) as reported in the CBC news stories on September 12, 2007.
The CBC news stories gave the impression that Silver Spruce's work on exploration properties in Labrador would have to cease due to permit problems with the Nunatsiavut Government. This perception is incorrect. Problems were incurred when preliminary exploration (prospecting, stream sediment sampling, line cutting and baseline environmental studies) was carried out on Labrador Inuit Lands in the Mount Benedict Area, prior to the submission of a work permit approval request, in contravention of Section 4.11 of the Labrador Inuit Land Claims Agreement. This was an oversight by the company and the company immediately stopped all work on these lands, and has been in communication with the Nunatsiavut Government to discuss the issue since it was brought to the company's attention.
William Barbour, Minister of Lands and Resources of the Nunatsiavut Government, has been contacted today and has agreed that Silver Spruce Resources Inc. can resubmit work plans for properties within Labrador Inuit Lands. Permission for this exploration could be granted in the future if all required conditions of the work permits are met. Ongoing discussions continue between the Nunatsiavut government and Silver Spruce to ensure that all these requirements are met as required.
Labrador Inuit lands comprise approximately 15 percent of Silver Spruce's exploration properties in Labrador and do not cover the CMBNW project of Silver Spruce Resources Inc. and its joint venture partner, Universal Uranium Ltd, where the Two Time uranium zone is located. Properties within Labrador Inuit lands within the CMB joint venture are Jacques Lake, CMBSE and CMBNE (partial) all of which have had limited follow up on radiometric surveys carried out in 2006, with no significant showings located to date. Work permit applications have been filed with the Nunasiavut Government for follow up exploration on these properties.
"We have great respect for the Labrador Inuit people and the Nunatsiavut Government," stated Lloyd Hillier, President and CEO of Silver Spruce. "We have taken steps to ensure this oversight does not happen again. Earlier this year, we formed an Advisory Board with representatives from the local Inuit community who help to guide the company's exploration efforts. With management, the Board of Directors and the Advisory Board all committed to Labrador and working together, I am confident of shared successes with the Nunatsiavut government and its people."
The Advisory Board (see news release dated June 19, 2007) is comprised of four people, all of aboriginal descent and residents of Labrador. Each is actively involved in their communities and with aboriginal affairs and two are beneficiaries of the Nunatsiavut Government agreement. Additionally, 50 percent of Silver Spruce employees are of aboriginal descent and, as the company grows, Silver Spruce is committed to continue to provide training and work to Labradoreans of all descents.
At the request of the TSX (Market Regulation Services), Silver Spruce also wishes to inform the public that results for holes CMB-07-21 to 24 on the Two Time zone remain pending. Results will be reported when they are received.
ABOUT SILVER SPRUCE
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 12,500 claims totaling approximately 3,100 square kilometers in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts. With experienced partners and strong financial backing, Silver Spruce is emerging as a leading uranium explorer in Canada.
On behalf of the Board of Directors, Gordon Barnhill, CFO and Director.
For Further Information Contact:
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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