- Only 16% of Silver Spruce claimed lands on Labrador Inuit Lands subject to the moratorium
- Well funded with in excess of $11,500,000 on deposit
- No debt liabilities
April 9, 2008 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) is responding to the Nunatsiavut Government's three-year moratorium on uranium exploration on the Labrador Inuit Lands ("LI Lands"). The Nunatsiavut Government yesterday passed a three-year moratorium on uranium development on LI Lands controlled by the Nunatsiavut Government in Labrador. The proposal was passed by an eight-to-seven vote in the Nunatsiavut Assembly of the Nunatsiavut Government. Exploration will still be allowed; however, development now remains in question.
LI Lands controlled by the Nunatsiavut Government comprise approximately 16% of Silver Spruce's properties in Labrador and 18% of the CMB/Seal Lake JV properties, co-owned with Universal Uranium Inc. The Two Time Zone, where a resource calculation is being carried out by Scott Wilson Roscoe Postle Associates, and the CMBNW and the Snegamook properties, where most of Silver Spruce's exploration activity has been taking place, both lie outside of the LI Lands and are unaffected.
The Mount Benedict property, at the eastern end of the Central Mineral Belt, is partially covered by LI Lands; however, excellent targets are noted on that portion of the property lying outside of the LI Lands boundary. The Makkovik River and CMB E properties lie entirely outside of LI Lands and the CMBNE property is partially outside of the LI Lands.
The Double Mer property, recently optioned to High Tide Resources Inc., lies mostly outside of the LI Lands, with the main areas of mineralization on lands open for development. The Straits property in southern Labrador is outside of all of the land claim areas in Labrador.
Silver Spruce understands that the basis for the mining moratorium is to allow time for the Nunatsiavut Government and the Government of Newfoundland and Labrador, through the Regional Planning Authority, to formulate a Land Use Plan as required by the LI Lands Claims Agreement. Silver Spruce will be adapting its exploration program to take into account the moratorium areas where exploration will be reduced until further information is available. Silver Spruce remains committed to uranium exploration on its other unaffected projects in Labrador.
Silver Spruce has also recently been expanding its exploration efforts in other parts of Canada and in Mexico. Results have been received and are being compiled for the Hudson Bay uranium project in Quebec, where Silver Spruce is earning a 50% ownership from Azimut Exploration and where an early 2008 summer follow up program is being planned. A drilling program is ongoing in central Newfoundland on a base metal/precious metal property and a drill program is planned to start soon on the Centauro project in Chihuahua State, Mexico. Silver Spruce is well funded with more than $11,500,000 in cash on deposit with Canadian chartered banks. Silver Spruce has no debt liabilities.
ABOUT SILVER SPRUCE
Silver Spruce Resources is a junior exploration company focused on uranium in the Central Mineral Belt (CMB) of Labrador, Canada and gold/silver in Mexico. With interests in more than 11,880 claims totalling more than 2,970 square kilometres in Labrador, Silver Spruce is the second largest landholder in one of the world's premier emerging uranium districts.
The exposure to gold/silver opportunities in Mexico and base metals in central Newfoundland gives Silver Spruce diversification while allowing the company to remain primarily focused on uranium. Strong financial backing makes Silver Spruce a leading uranium explorer in Canada.
This release has been approved by Peter Dimmell, P.Geo., Vice President of Exploration, Silver Spruce Resources Inc., who is a Qualified Person (QP) as defined in National Instrument 43-101.
For Further Information Contact:
SILVER SPRUCE RESOURCES
Gordon Barnhill, CFO & Director
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Toll Free: 1.866.684.4743 ext. 243
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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