July 15, 2011
July 15, 2011 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is pleased to announce that fieldwork, to include diamond drilling, has begun at the CMB Joint Venture ("CMB JV") uranium project located in the Central Mineral Belt of Labrador. The Project is a joint venture with Crosshair Mining and Exploration (NYSE Amex: CXZ) (TSX: CXX), the operator, with Crosshair holding a 63% ownership and Silver Spruce a 37% ownership.
The CMBJV Project has a uranium deposit, the Two Time zone on the CMBNW property, with a NI 43-101 indicated resource of 2.33 M lbs (1.82 MT grading 0.058% U3O8) and an additional inferred uranium resource of 3.73 M lbs (3.16 MT grading 0.053% U3O8). The zone remains open along strike and to depth.
The 2011 program, as planned by Crosshair, consists of prospecting, sampling, trenching and diamond drilling testing uranium targets outlined in the 2009 and 2010 exploration and including further definition drilling on the Two Time zone. Silver Spruce has opted not to contribute to the program, due to expenditure commitments on our higher priority REE projects, including the Pope's Hill Trend along the Trans Labrador Highway in southern Labrador and gold/silver projects on the island of Newfoundland. Consequently the company's interest in the CMBJV will be diluted depending upon the final expenditures.
The Two Time zone on the CMBJV NW property and the 100% SSE owned Snegamook property, which lies on strike to the south of the Two Time zone, and which hosts a number of uranium showings including the Snegamook zone and the Near Miss prospect, both lie outside of Labrador Inuit Lands and are therefore not covered by the Nunatsiavut Government's moratorium on uranium mine development.
Additional information the CMB JV Project and the Two Time uranium zone can be found in the Technical Report on the CMBNW Property, Labrador, Canada prepared for Crosshair and Silver Spruce dated June 22, 2009 filed on SEDAR.
This release has been approved by Peter M. Dimmell, P.Geo., President and CEO of Silver Spruce Resources Inc., who is a Qualified Person (QP) in both NL and ON as defined in National Instrument 43-101.
ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company originally focused on uranium in the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada. With interests in more than 4,000 claims totaling more than 1,000 square kilometers in Labrador, Silver Spruce is one of the largest landholders in one of the world's premier emerging uranium and REE districts. The company has rare earth element (REE) properties in Labrador - Pope's Hill, Pope's Hill JV (with Great West Minerals Group), MRT, RWM and the Straits and gold/silver projects (Big Easy, Rambler S.) on the island of Newfoundland.
For Further Information Contact:
SILVER SPRUCE RESOURCES
HEAD OFFICE
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
INVESTOR RELATIONS
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
E-mail: hugh@ascentacapital.com
Web: www.ascentacapital.com
The CMBJV Project has a uranium deposit, the Two Time zone on the CMBNW property, with a NI 43-101 indicated resource of 2.33 M lbs (1.82 MT grading 0.058% U3O8) and an additional inferred uranium resource of 3.73 M lbs (3.16 MT grading 0.053% U3O8). The zone remains open along strike and to depth.
The 2011 program, as planned by Crosshair, consists of prospecting, sampling, trenching and diamond drilling testing uranium targets outlined in the 2009 and 2010 exploration and including further definition drilling on the Two Time zone. Silver Spruce has opted not to contribute to the program, due to expenditure commitments on our higher priority REE projects, including the Pope's Hill Trend along the Trans Labrador Highway in southern Labrador and gold/silver projects on the island of Newfoundland. Consequently the company's interest in the CMBJV will be diluted depending upon the final expenditures.
The Two Time zone on the CMBJV NW property and the 100% SSE owned Snegamook property, which lies on strike to the south of the Two Time zone, and which hosts a number of uranium showings including the Snegamook zone and the Near Miss prospect, both lie outside of Labrador Inuit Lands and are therefore not covered by the Nunatsiavut Government's moratorium on uranium mine development.
Additional information the CMB JV Project and the Two Time uranium zone can be found in the Technical Report on the CMBNW Property, Labrador, Canada prepared for Crosshair and Silver Spruce dated June 22, 2009 filed on SEDAR.
This release has been approved by Peter M. Dimmell, P.Geo., President and CEO of Silver Spruce Resources Inc., who is a Qualified Person (QP) in both NL and ON as defined in National Instrument 43-101.
ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company originally focused on uranium in the Central Mineral Belt (CMB) and elsewhere in Labrador, Canada. With interests in more than 4,000 claims totaling more than 1,000 square kilometers in Labrador, Silver Spruce is one of the largest landholders in one of the world's premier emerging uranium and REE districts. The company has rare earth element (REE) properties in Labrador - Pope's Hill, Pope's Hill JV (with Great West Minerals Group), MRT, RWM and the Straits and gold/silver projects (Big Easy, Rambler S.) on the island of Newfoundland.
For Further Information Contact:
SILVER SPRUCE RESOURCES
HEAD OFFICE
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
INVESTOR RELATIONS
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
E-mail: hugh@ascentacapital.com
Web: www.ascentacapital.com
Neither 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. The company seeks Safe Harbour.