Silver Spruce Resources Inc.
TSX VENTURE : SSE
FRANKFURT : S6Q

Silver Spruce Resources Inc.

November 14, 2007 17:09 ET

Silver Spruce Raises $6,325,000 in Flow Through Funds

BRIDGEWATER, NOVA SCOTIA--(Marketwire - Nov. 14, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION VIA U.S. NEWSWIRE

Silver Spruce Resources Inc. ("Silver Spruce") (TSX VENTURE:SSE)(FRANKFURT:S6Q) is pleased to announce it has closed the previously announced brokered private placement with PI Financial Corp. (the "Agent") raising gross proceeds of $6,325,000 (the "Offering"). The Offering consisted of the issuance of 5,500,000 flow-through units ("FT Units") of Silver Spruce, including the full exercise of the over-allotment option of an additional 500,000 FT Units.

Each FT Unit was issued at a price of $1.15 per FT Unit and consisted of one flow-through common share and one half of a common share purchase warrant, with each whole warrant exercisable at a price of $1.75 per non-flow through common share for a period of 18 months following the closing of the Offering.

As consideration for acting as agent, Silver Spruce paid to the Agent a commission of 7% of the aggregate gross proceeds of the Offering in a combination of cash and units, having the same terms as the FT Units of the Offering other than being issued on a non-flow through basis. In addition, Silver Spruce paid to the Agent compensation options in aggregate equal to 7% of the total number of FT Units sold under the Offering, which entitle the Agent the right to purchase, at an exercise price equal to $1.75, one common share for a period of 18 months following the closing.

The gross proceeds raised from the issuance of the FT Units shall be used for general exploration expenditures on Silver Spruce's Newfoundland and Labrador projects, which shall constitute Canadian exploration expenses (as defined in the Income Tax Act (Canada)) and shall be renounced for the 2007 taxation year.

All securities issued in connection with the Offering are subject to a four-month hold period in accordance with applicable securities requirements. The Offering is subject to fulfillment of the requirements of the TSX Venture Exchange.

ABOUT SILVER SPRUCE

Silver Spruce 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.

The Company seeks Safe Harbour.

This news release does not constitute an offer to sell any of the Securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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