Sandspring Resources Ltd.
TSX VENTURE : SSP

Sandspring Resources Ltd.

March 16, 2011 09:00 ET

Sandspring Infill Drill Results From the Toroparu Gold-Copper Deposit Includes 114m of 1.93g/t Gold and 0.07% Copper in Hole 136

TORONTO, ONTARIO--(Marketwire - March 16, 2011) - SANDSPRING RESOURCES LTD. (TSX VENTURE:SSP) ("Sandspring" or the "Company") is pleased to announce an update of new gold and copper assay results from drilling in the area of the Toroparu gold-copper deposit in the Republic of Guyana, South America.

On September 15, 2010, Sandspring announced an updated NI 43-101 compliant single optimized open pit shell resource independently modeled by P&E Mining Consultants, Toronto, featuring an Indicated mineral resource of 2.64 million oz. gold and 262 million pounds copper at a grade of 0.83g/t gold and 0.12% copper and an additional Inferred mineral resource of 3.42 million oz. gold and 216 million pounds copper at a grade of 0.76g/t gold and 0.07% copper based on a total drill hole database of 41,659m in 93 holes. The full Technical Report, filed on October 13th, 2010 can be found on www.sedar.com.

New assay results from holes TPD129 – TPD142 comprise an additional 7156m of drilling mainly designed to optimize grade and tonnage parameters and define geologic features within the known NI 43-101 compliant Toroparu gold-copper resource (Table 1). Assay results from a total of 70,770m of diamond drilling have now been disclosed to date on the Toroparu Property.

Drill collar locations and hole traces relative to the current NI 43-101 compliant optimized open pit resource model surface contour and including the newly modelled 350m extension to the Toroparu deposit may be viewed in Figure 1.

Abraham Drost, P.Geo., President of Sandspring states… "Infill drilling to Feasibility-ready Measured and/or Indicated resource quality status continues at this time. The current round of infill drill results, particularly bracketed between Holes 131, 134, 136 and 139 confirms the higher quality grade characteristics of a possible "Starter Pit" area identified in previous disclosure (June 3, 2010).

An NI 43-01 compliant mineral resource update and Preliminary Economic Assessment showing the preliminary mine plan and pro-forma discounted cash flow model is expected on schedule by the end of Q1, 2011.

The Toroparu Deposit remains open along strike and to depth. The Company continues step-out drilling of Toroparu and regional exploration of its Upper Puruni concessions.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/sspfig10316.pdf

Table 1: Weighted Average Composite Grade Intervals, Holes TPD129-138
Hole ID From(m) To(m) Length(m) Gold(g/t) Cu (%) Comment
             
TPD-129 100.50 103.50 3.00 1.05 0.01 Infill
  124.50 127.50 3.00 1.17 0.00  
  145.50 148.50 3.00 0.86 0.01  
  226.50 228.00 1.50 1.40 0.16  
  234.00 235.50 1.50 1.37 0.00  
  258.00 259.50 1.50 1.05 0.00  
  280.50 283.50 3.00 0.83 0.01  
  286.50 295.50 9.00 0.70 0.00  
  340.50 346.50 6.00 1.38 0.02  
  354.00 355.50 1.50 1.72 0.00  
  393.00 415.50 22.50 0.58 0.00  
  426.00 435.00 9.00 0.73 0.00  
  459.00 462.00 3.00 0.70 0.00  
  484.50 486.00 1.50 11.70 0.01  
             
TPD-130 32.50 35.50 3.00 1.40 0.01 Infill
  89.00 95.00 6.00 0.64 0.02  
  152.00 155.00 3.00 0.56 0.05  
  162.50 176.00 13.50 1.72 0.07  
incl. 165.50 167.00 1.50 29.5* 0.06  
  207.50 212.00 4.50 0.92 0.02  
  231.50 234.50 3.00 0.49 0.01  
  237.50 242.00 4.50 0.56 0.01  
  252.50 261.50 9.00 1.21 0.01  
  273.50 278.00 4.50 1.83 0.04  
  308.00 317.00 9.00 0.52 0.08  
  417.50 419.00 1.50 2.32 0.01  
             
TPD-131 309.00 316.50 7.50 0.97 0.22 Infill
  325.50 331.50 6.00 0.51 0.04  
  340.50 379.50 39.00 0.72 0.15  
  394.50 442.50 48.00 0.93 0.03  
incl. 402.00 403.50 1.50 29.1* 0.04  
  447.00 469.50 22.50 1.18 0.04  
  510.00 513.00 3.00 0.69 0.07  
             
TPD-132 2.50 7.00 4.50 0.59 0.01 Infill
  198.00 202.50 4.50 0.62 0.06  
  255.00 256.50 1.50 1.86 0.01  
  273.00 277.50 4.50 1.02 0.07  
  289.50 294.00 4.50 0.62 0.02  
  298.50 301.50 3.00 0.51 0.04  
  310.50 313.50 3.00 0.60 0.07  
  330.00 331.50 1.50 1.76 0.05  
  414.00 415.50 1.50 4.05 0.05  
  430.50 444.00 13.50 0.70 0.08  
  447.00 450.00 3.00 0.54 0.07  
             
TPD-133 23.50 25.00 1.50 1.31 0.04 Infill
  108.50 128.00 19.50 0.84 0.19  
  132.50 140.00 7.50 0.60 0.23  
  183.50 186.50 3.00 0.57 0.18  
  195.50 201.50 6.00 0.69 0.18  
  215.00 221.00 6.00 1.29 0.02  
  231.50 239.00 7.50 0.61 0.21  
  267.50 272.00 4.50 0.69 0.16  
  314.00 315.50 1.50 1.68 0.24  
  527.00 528.50 1.50 0.81 0.58  
             
TPD-134 356.00 359.00 3.00 0.64 0.06 Infill
  365.00 369.50 4.50 0.65 0.10  
  372.50 375.50 3.00 1.40 0.11  
  386.00 387.50 1.50 1.48 0.01  
  410.00 431.00 21.00 0.92 0.03  
  435.50 446.00 10.50 1.21 0.03  
  450.50 464.00 13.50 4.19 0.02  
incl. 450.50 456.50 6.00 7.40 0.02  
and 452.00 453.50 1.50 18.7* 0.01  
  468.50 489.50 21.00 1.22 0.06  
  513.50 515.00 1.50 2.24 0.02  
  521.00 524.00 3.00 0.54 0.02  
  536.00 542.00 6.00 0.88 0.05  
  549.50 582.50 33.00 1.23 0.04  
  590.00 603.50 13.50 0.85 0.02  
             
TPD-135 128.00 137.00 9.00 1.92 0.05 Infill
  149.00 152.00 3.00 1.08 0.06  
  254.00 258.50 4.50 0.71 0.02  
  281.00 287.00 6.00 1.55 0.08  
  296.00 303.50 7.50 0.80 0.04  
  336.50 347.00 10.50 1.00 0.07  
  356.00 366.50 10.50 0.61 0.10  
  369.50 378.50 9.00 1.17 0.10  
  389.00 392.00 3.00 0.82 0.05  
  423.50 425.00 1.50 1.12 0.06  
             
TPD-136 315.00 429.00 114.00 1.93 0.07 Infill
incl. 349.50 355.50 6.00 6.91 0.14  
and 354.00 355.50 1.50 28.5* 0.17  
and 387.00 388.50 1.50 44.4* 0.18  
and 390.00 391.50 1.50 8.04 0.01  
and 394.50 396.00 1.50 7.47 0.08  
and 414.00 415.50 1.50 15.00* 0.03  
  532.50 534.00 1.50 3.76 0.00  
             
TPD-137 125.00 128.00 3.00 1.08 0.61  
  312.50 315.50 3.00 0.61 0.11 Infill
  320.00 323.00 3.00 1.51 0.16  
  332.00 336.50 4.50 1.63 0.13  
  350.00 353.00 3.00 0.75 0.06  
  362.00 384.50 22.50 0.68 0.07  
  398.00 408.50 10.50 0.91 0.06  
  420.50 446.00 25.50 0.71 0.04  
  455.00 477.50 13.50 0.89 0.03  
  482.00 486.50 4.50 2.84 0.01  
             
TPD138 55.50 63.00 7.50 0.76 0.19 Infill
  178.50 180.00 1.50 6.21 0.12  
  405.00 406.50 1.50 2.58 0.83  
  418.50 420.00 1.50 1.64 0.06  
             
TPD139 308.00 317.00 9.00 0.57 0.35 Infill
  327.50 345.50 18.00 1.42 0.39  
  351.50 426.50 75.00 1.63 0.28  
incl. 386.00 387.50 1.50 5.51 0.54  
  449.00 485.00 36.00 0.84 0.17  
  501.50 507.50 6.00 0.68 0.09  
  501.50 507.50 7.50 0.92 0.06  
  522.50 551.00 28.50 1.15 0.08  
  569.00 581.00 12.00 0.67 0.02  
  596.00 602.00 6.00 0.63 0.03  
             
TPD140 180.00 183.00 3.00 0.52 0.04 Infill
  184.50 187.50 3.00 0.99 0.19  
  328.50 334.50 6.00 0.91 0.38  
  342.00 349.50 7.50 0.43 0.16  
  352.50 369.00 16.50 0.66 0.17  
  372.00 394.50 22.50 0.70 0.15  
  411.00 417.00 6.00 0.76 0.08  
  432.00 433.50 1.50 0.43 0.07  
  445.50 459.00 13.50 0.70 0.04  
  465.00 480.00 15.00 0.70 0.07  
  487.50 499.50 12.00 0.79 0.01  
             
TPD141 17.50 19.00 1.50 1.37 0.01 Infill
  193.50 195.00 1.50 1.21 0.04  
  351.00 358.50 7.50 0.79 0.08  
  360.00 364.50 4.50 0.49 0.03  
  366.00 375.00 9.00 0.55 0.03  
  442.50 457.50 15.00 0.83 0.06  
  462.00 465.00 3.00 0.75 0.04  
  474.00 477.00 3.00 1.24 0.03  
  480.00 489.00 9.00 0.39 0.03  
  493.50 504.00 10.50 0.64 0.03  
  508.50 520.50 12.00 0.61 0.04  
             
TPD142 113.00 122.00 9.00 0.67 0.10 Infill
  126.50 149.00 22.50 1.10 0.03  
incl. 132.50 134.00 1.50 6.39 0.02  
and 147.50 149.00 1.50 5.44 0.05  
  171.50 177.50 6.00 1.32 0.09  
  191.00 197.00 6.00 0.59 0.11  
  209.00 228.50 19.50 0.68 0.06  
  248.00 249.50 1.50 7.65 0.01  
  258.50 260.00 1.50 1.14 0.02  
  263.00 266.00 3.00 9.12 0.02  
incl. 264.50 266.00 1.50 18.1* 0.03  

* High gold assay intervals are top-cut to 12.0g/t consistent with NI-43-101 geostatistical resource model

** True widths are estimated at approximately 70% of core length widths

Analytical testing and reporting of quantitative assays was performed independently by Acme Analytical Laboratories Ltd. ("AcmeLabs"). AcmeLabs is an ISO9001:2008 accredited laboratory for the tests reported herein. A system of blanks, standards and duplicates were added to the Toroparu sample stream by the Company to verify accuracy and precision of assay results, supplementing a variety of internal QA/QC tests performed by AcmeLabs.

Mr. Brian Ray, P.Geo. Senior Resource Geologist with Sandspring and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this press release.

Additional information on Sandspring can be viewed on SEDAR under the Corporation's profile at www.sedar.com or on Sandspring's website at www.sandspringresources.com.

This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the Company's successful advancement of the Toroparu deposit toward feasibility and obtaining positive results from ongoing evaluation and testing of multiple gold targets located elsewhere in the Company's landholdings, among other risks as described in more detail in our recent securities filings available at www.sedar.com.. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Sandspring Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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