Silver Spruce Resources Inc.
TSX VENTURE : SSE

Silver Spruce Resources Inc.

August 15, 2006 11:29 ET

Silver Spruce Resources Inc.: Acquisition of Claims/Airborne Survey Mount Benedict-Eastern Central Mineral Belt, Labrador

BRIDGEWATER, NOVA SCOTIA--(CCNMatthews - Aug. 15, 2006) - Silver Spruce Resources Inc. (TSX VENTURE:SSE) is pleased to announce that it has acquired another 556 claims in the Mount Benedict (MB) area, in the southeastern portion of the CMB, to bring the total claims owned in this area to 1048, totalling 26,200 hectares or 262 km2. The newly acquired claims are subject to an option agreement with Paul MacNeill, an independent geological consultant, which provides for a single cash payment of $15,000 plus a 1% NSR.

The original properties were staked to cover uranium in lake sediment anomalies located by the Newfoundland government with anomalous values ranging from 10 to 87 ppm against a background of less than 5 ppm hosted in felsic plutonic rocks of the Benedict Mountains Suite and felsic supracrustal units (Aillik Group metavolcanics) in the Burnt Island area. The new claims were acquired to cover Aillik Group stratigraphy, U/K anomalies coincident with VLF-EM anomalies located in Brinex/Placer surveys from the 1970's, anomalous lake sediment geochemistry and the strike extensions of known anomalies or groups of anomalies.

The new claims are generally contiguous to the four groups of existing claims, totalling 492 claims which were flown by Fugro during the recently completed, helicopter supported, airborne radiometric/magnetic survey. Total line kilometres was 1357 at 100 m line spacing. The new claims are scheduled for an airborne survey by Fugro once other planned surveys are completed in Labrador.

Follow up on the old MB claims will begin in the next couple of weeks based out of Postville, once anomaly prioritization of the airborne anomalies has been completed. The claims are 100% SSE owned and are not subject to the SSE/UUL agreement which covers the main CMB and Seal Lake areas.

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.

On behalf of the Board of Directors,

Gordon Barnhill, CFO and Director

The Company seeks Safe Harbour.

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

Contact Information

  • Silver Spruce Resources Inc.
    Gordon Barnhill
    CFO and Director
    (902) 527-5700
    (902) 527-5711 (FAX)